ICBA and ProfitStars Expand Preferred Service Provider Program with Information Security and Risk Management Solutions

Rhea-AI Summary

Jack Henry & Associates (NASDAQ: JKHY) has expanded its ProfitStars division to include new risk management solutions for community banks, now part of the ICBA Preferred Service Provider program. These services aim to enhance cybersecurity, compliance, and disaster recovery. Key offerings include managed cybersecurity and IT services, private cloud computing, and data recovery services. The initiative addresses the growing need for community banks to manage cyber threats and comply with regulations, particularly as competition intensifies in the financial services sector.

Positive

• Expansion of risk management solutions for community banks enhances service offerings.
• New services improve cybersecurity and compliance, addressing critical industry needs.
• Partnership with ICBA strengthens market position and credibility.

Negative

• None.

MONETT, Mo., May 11, 2021 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, its ProfitStars^® division announced the addition of several risk management solutions and services to the Independent Community Bankers of America^® (ICBA) Preferred Service Provider program. 

The services were selected to help ICBA community banks better safeguard against internal and external threats, secure mission-critical data and systems, ensure IT regulatory compliance, and ultimately protect each institution's reputation. The new Gladiator services additions to the program include:

• Managed cybersecurity services
• Managed IT services
• Private cloud computing
• Data backup and recovery services
• Governance risk and compliance services, including virtual Information Security Officer services

The trend to rely on financial technology partners for IT infrastructure, security, compliance and disaster recovery support has been growing as community banks focus on competing with personal service and meeting growing marketplace demands.  Plus, it addresses the challenge to find and retain talent in these high-demand fields. Jack Henry's private cloud environment positions institutions to keep pace with technological advancements, better manage compliance and costs, improve their cybersecurity posture and strengthen disaster recovery models.

Kathy H. Grasty, SVP and CFO of New Horizon Bank, an ICBA member, commented, "As cyber threats and natural disasters increase, community banks are realizing the need to augment their internal resources to be better prepared. Outsourcing our IT risk and compliance to Jack Henry's experts has lifted a burden off our IT department that gives us the bandwidth to emphasize more strategic priorities such as customer experiences and driving revenue.  It's the most feasible way of maintaining a consistent pulse on compliance and ensuring customer safety for our business.  We recently added the Gladiator private cloud computing solution to our product suite and have been pleased with how it has simplified our disaster recovery process."

"As cyber threats and natural disasters increase, community banks need to augment their internal resources to be as prepared as possible for unforeseen events," ICBA Senior Executive Vice President of Community Bank Solutions Kevin Tweddle said. "ICBA is proud to offer these proven solutions, from a leading industry pioneer that understands community banks and empowers them with technology that responds to information security risks." 

Matt Riley, President of ProfitStars, added, "The pandemic reminded us that the financial ecosystem can shift abruptly and when it does, fraudsters are never slow to capitalize on changes. We can help banks facilitate a strategic view of risk management across their entire organization. Our solutions and experts are available to alleviate the IT burden and help bankers stay competitive with predictable, cost-effective, and scalable network solutions. In partnering with Jack Henry, bankers can shift their priorities to what matters most: their customers."

More than 20 core-agnostic Jack Henry solutions have earned the ICBA's stamp of approval, including lending, payments, remittance, digital banking, CECL compliance, financial performance, data conversion solutions and profitability services.

About ProfitStars 
ProfitStars^®, a division of Jack Henry & Associates, Inc.^®, helps financial institutions of every asset size and charter, and diverse corporate entities, proactively identify and prepare for risks and market changes that could negatively impact their business. ProfitStars' industry-leading solutions and services include JHA Payment Solutions^TM, Information Security & Risk Management, Online & Mobile, Lending, Financial Performance, and Imaging/Data Management. These solutions help approximately 8,500 clients mitigate and control risks, optimize revenue and growth opportunities, contain costs, and drive future success. Additional information is available at www.profitstars.com. 

About Jack Henry & Associates, Inc. 
Jack Henry (NASDAQ: JKHY) is a leading SaaS provider primarily for the financial services industry. We are a S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking^® provides innovative solutions to community and regional banks. 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 cloud-based 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.

Statements made in this news release that are not historical facts are forward-looking information.  Actual results may differ materially from those projected in any forward-looking information.  Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information.  Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements.  Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information. 

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SOURCE Jack Henry & Associates, Inc.

FAQ

What new services has Jack Henry & Associates announced for community banks?

Jack Henry has introduced managed cybersecurity services, managed IT services, private cloud computing, data backup and recovery services, and governance risk and compliance services.

How do the new risk management solutions from Jack Henry benefit community banks?

These solutions help community banks safeguard against threats, ensure regulatory compliance, and enhance data security.

What is the significance of the partnership between Jack Henry and ICBA?

The partnership enhances Jack Henry's credibility and expands its reach in providing technology solutions to community banks.

What is the stock symbol for Jack Henry & Associates?

Jack Henry & Associates trades under the stock symbol JKHY.