Jack Henry Enhances Paycheck Protection Program Lending Solution, Helps Banks and Credit Unions Support Local Businesses

Rhea-AI Summary

Jack Henry & Associates (NASDAQ: JKHY) has enhanced its Paycheck Protection Program (PPP) loan solution with a borrower-friendly digital interface to facilitate loan applications and documentation. This new feature is strategically timed with an additional $284 billion in PPP funding aimed at supporting small businesses affected by the pandemic. The upgraded solution streamlines data processing, offering built-in fraud controls. In the previous year, Jack Henry assisted over 400 banks, facilitating 70,000 loan applications totaling $6.5 billion.

Positive

• Enhanced digital interface for PPP loan applications improves borrower experience.
• Access to an additional $284 billion in PPP funding for small businesses.
• Significant prior support of 70,000 loan applications and $6.5 billion facilitated.

Negative

• None.

MONETT, Mo., Jan. 8, 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. Jack Henry Lending has expanded its Paycheck Protection Program (PPP) loan solution with a borrower-facing digital interface to capture the application and supporting documents. The company is also providing an additional broker option for institutions that make the strategic decision to refer PPP loans, allowing them to meet their community's needs by accepting loan requests online that are then decisioned and funded through a trusted Jack Henry lender without any exchange of funds or fees.

The upcoming stimulus round will provide an additional $284 billion in PPP funding to help small businesses survive prolonged economic challenges stemming from the pandemic. Jack Henry's new self-service interface makes it easy and convenient for small business borrowers to enter and upload required information online. The solution then streamlines the information directly through the SBA and a financial institution's core, saving time and eliminating the need for redundant data entry. The comprehensive, end-to-end PPP offering also features built-in fraud and risk controls.

Terry Renoux, group president of Jack Henry Lending, stated, "The pandemic's impact on small businesses is long lasting; this latest round of PPP loans is necessary to help many businesses survive. At Jack Henry, we're committed to helping banks and credit unions deliver these funds to those in need, and to making the experience as seamless as possible. Our expanded PPP lending offering delivers an automated, digital approach that allows financial institutions to more quickly and efficiently manage large volumes. And, we can now help bankers who want to provide for their local communities but are not in a position to manage the loans themselves."

Last year, Jack Henry supported approximately 400 banks and credit unions in facilitating more than 70,000 loan applications with a total of $6.5 billion in requests for small businesses seeking assistance through the PPP. With this updated offering, banks and credit unions will be able to continue to meet the needs in their communities with even greater efficiencies and improved digital experiences. Visit the Jack Henry Lending CARES Act Support Page to learn more.  

About Jack Henry & Associates, Inc.

Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are a S&P 500 company that serves approximately 8,700 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.

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 did Jack Henry (JKHY) announce on January 8, 2021?

Jack Henry announced enhancements to its Paycheck Protection Program (PPP) loan solution, including a new digital interface for borrowers.

How much funding is available for the Paycheck Protection Program as of January 2021?

$284 billion in additional PPP funding is available to support small businesses.

How many loan applications did Jack Henry facilitate last year?

Jack Henry supported approximately 400 banks and credit unions in facilitating over 70,000 loan applications.

What was the total amount of PPP loan requests facilitated by Jack Henry in the previous year?

Jack Henry facilitated a total of $6.5 billion in PPP loan requests for small businesses.

What features does the enhanced PPP offering from Jack Henry include?

The enhanced offering features a borrower-facing digital interface and built-in fraud and risk controls.