Community Bank, N.A. Engages Autobooks To Support Small Business Banking Clients

Rhea-AI Summary

Autobooks has partnered with Community Bank, N.A. to deliver integrated online banking solutions for small business clients. This collaboration, facilitated by Jack Henry & Associates, allows customers to send digital invoices and accept payments via the Banno Digital Platform. Community Bank aims to enhance its service offerings and increase non-interest fee income through Autobooks' product suite, including digital invoicing and accounting solutions, available within 90 days. Community Bank, N.A. manages over $13 billion in assets and operates more than 235 facilities in several states.

Positive

• Partnership with Community Bank enhances service offerings for small businesses.
• Integration with Banno Digital Platform allows for a seamless banking experience.
• Autobooks provides a comprehensive suite of financial tools, improving customer satisfaction.
• Potential increase in non-interest fee revenue for Community Bank.

Negative

• None.

DETROIT, Feb. 9, 2021 /PRNewswire/ -- Autobooks, the small business payment and accounting services platform, today announced they have partnered with Community Bank, N.A. to provide an integrated online banking experience for its small business customers. This partnership is facilitated by Jack Henry & Associates, a leading provider of turnkey financial technology solutions and services. 

Through Autobooks, small and micro-business customers of Community Bank, N.A. will be able to send digital invoices and accept online payments directly from Jack Henry's Banno Digital Platform. Providing integrated receivables as a feature of its digital banking channels will enable Community Bank, N.A. to better serve their small and micro-businesses that are actively seeking ways to accept online payments, while increasing non-interest fee income for the bank.   

In addition to integrated receivables, Autobooks will make available its complete small business product suite to customers of Community Bank, N.A. The offering includes digital invoicing, accounting, payment acceptance, payables and financial reporting solutions. Autobooks will also deploy its full suite of go-to-market materials and services to support the bank's efforts and success in rolling out the product suite.

This blended model of product and go-to-market enablement allows banks to launch in as little as 90 days; effectively scaling the bank's operations from product delivery through adoption and utilization by the banking customer.

"We're seeing a whole host of market changes — the rise of challenger banks, the accelerated shift from in-person transactions to online, growing expectation of sophisticated and user-friendly software — that drive demand for solutions like Autobooks," said Aaron Friot, SVP and Chief Technology Officer at Community Bank, N.A. "Our small and micro-business customers have a wide variety of needs that aren't cookie cutter to what other expensive solutions provide. Autobooks is ideal because of its low-cost entry point, go-to-market support services and small-business focused features that suit our customer's needs."

Community Bank, N.A. has over $13 billion in assets, and more than 235 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts. The financial institution has relied upon Jack Henry & Associates as its technology partner for more than a decade. In that time, Autobooks has become a proven integration for both Jack Henry banks and credit unions, as well as their digital banking platforms. The most notable of these is their integration with Banno, which spans across both retail and business banking. Future integration efforts that leverage the Banno toolkit will enable Autobooks to further deepen its product experience for the end user.

"Community Bank's integration with Autobooks demonstrates the strategic agility necessary to differentiate in the face of disruption," said Ben Metz, Head of Digital at Jack Henry. "And this is precisely why we built Banno from the ground up as an open, API-first platform that gives financial institutions the ability to partner and integrate at will with fintechs of choice."

Metz added, "Serving small businesses is relationship-intensive, and this is also why we pioneered a way for banks to extend their live, local, personal service digitally at the moment of need. Together, Banno and Autobooks create a compelling answer to disruptors automating the humanity out of critical small business services."

About Community Bank
Community Bank N.A. is a Member FDIC and Equal Housing Lender. It is the wholly-owned national banking subsidiary of Community Bank System, Inc.

About Community Bank System Inc.
Community Bank System Inc. operates more than 235 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont and Western Massachusetts through its banking subsidiary, Community Bank N.A., and has been serving its communities for more than 150 years. With over $13 billion in assets, the DeWitt, New York-headquartered company is among the country's 125 largest financial institutions. Community Bank N.A. has consistently been ranked among the top 12 best banks in America by Forbes Magazine since the list was first published in 2009, and was most recently ranked tenth in 2020. In addition to a full range of retail and business banking services, the Company offers comprehensive financial planning, insurance and wealth management services through its subsidiaries/business units that include: OneGroup NY Inc., which provides risk management and commercial insurance, employee benefits and personal lines insurance; Community Bank Wealth Management, which provides investment advisory, personal trust and financial planning services, as well as personal, business and nonprofit portfolio design; and Benefit Plans Administrative Services Inc., which provides actuarial, retirement and VEBA/HRA plan administration, and collective investment fund, employee benefit trust and transfer agency services on a national scale. Community Bank System Inc. is listed on the New York Stock Exchange and the company's stock trades under the symbol "CBU." For more information about Community Bank, visit cbna.com or ir.communitybanksystem.com.

About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ: JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking^® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar^® provides industry-leading solutions to credit unions of all sizes; and ProfitStars^® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.

About Banno Digital Platformä
Jack Henry & Associates'^® Banno Digital Platformä is an award-winning, open, API-first digital banking platform used by over 300 financial institutions to offer seamless user experiences, state-of-the-art digital account opening and live, personal service within the digital channel. Banno digital banking apps clock the fastest response times in the industry across all major digital-banking key performance indicators (KPIs). Visit www.banno.com to learn more.

About Autobooks
Detroit-based Autobooks is a provider of small business banking solutions that make it simple to get paid online, manage cash flow, and automate accounting. Through Autobooks, financial institutions can provide a small business Ecommerce platform directly embedded within their existing digital banking channels.

Visit www.autobooks.co to learn more.

Press Contact:
Jennifer Horne
jenniferhorne@rockventures.com
313.265.5508

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SOURCE Autobooks

FAQ

What is the partnership between Autobooks and Community Bank, N.A.?

Autobooks has partnered with Community Bank, N.A. to provide integrated online banking solutions specifically for small business customers.

How does Autobooks plan to support Community Bank's small business clients?

Autobooks will offer a suite of tools including digital invoicing and accounting solutions, enabling small businesses to manage payments efficiently.

What platform facilitates the integration of Autobooks' services?

The integration is facilitated through the Banno Digital Platform provided by Jack Henry & Associates.

What are the expected benefits of this partnership for Community Bank?

The partnership aims to enhance service offerings and increase non-interest fee income by providing advanced financial tools for small businesses.

What is the asset size of Community Bank, N.A.?

Community Bank, N.A. manages over $13 billion in assets.