Jack Henry Reaches Milestone of 150 Banks and Credit Unions Moving Network Infrastructure to Its Hosted Network Solutions Environment

Rhea-AI Summary

Jack Henry & Associates (NASDAQ: JKHY) has announced that 150 banks and credit unions have transitioned their IT infrastructure to its Gladiator Hosted Network Solutions (HNS) within its private cloud. This shift allows financial institutions to focus on strategic initiatives while enhancing cybersecurity, compliance, and disaster recovery. FirstBank's CIO highlighted the benefits during the pandemic, facilitating operations during remote work. Innovations Credit Union also chose HNS for improved business continuity after Hurricane Michael. Jack Henry continues to support financial institutions in adopting cloud banking for operational efficiency.

Positive

• 150 banks and credit unions have migrated their IT infrastructure to Jack Henry's Hosted Network Solutions.
• The shift enables financial institutions to enhance cybersecurity and disaster recovery.
• FirstBank successfully processed approximately 3,000 PPP loans totaling over $310 million during the pandemic with HNS support.

Negative

• None.

MONETT, Mo., Jan. 5, 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 that 150 banks and credit unions have selected Gladiator Hosted Network Solutions^™ (HNS) to manage IT infrastructure in Jack Henry's private cloud environment.    

Outsourcing IT infrastructure and transferring management responsibilities to the certified experts and engineers at ProfitStars empowers banks and credit unions to free their internal IT resources to focus on more strategic initiatives, like customer relationships, growth strategies, and new business efforts. Moving to Jack Henry's private cloud environment enables institutions to keep pace with technological advancements, better manage compliance and costs, improve their cybersecurity posture, and strengthen disaster recovery models.

The pandemic reaffirmed Nashville, Tenn.-based FirstBank's decision to outsource its IT infrastructure with Jack Henry. Dan Moore, chief information officer for FirstBank, commented, "During the pandemic when more than 1,000 associates worked remotely, we were able to complete two acquisitions, process approximately 3,000 PPP loans totaling more than $310 million, and migrate our digital banking platform to Banno. This was made possible by leveraging Jack Henry's private cloud, which allowed us to maintain uninterrupted access to all our critical banking systems. Partnering with Jack Henry has been integral to our bank, allowing us to continue normal operations without a hitch and accomplish major initiatives during challenging times as well."

Panama City Beach, Fla.-based Innovations Credit Union decided to move away from its on-premise IT infrastructure after Hurricane Michael hit two years ago, which caused severe outages and service interruptions in the area. The credit union wanted the peace of mind and strengthened business continuity that comes with an outsourced model and ultimately selected Jack Henry's private cloud environment for its robust capabilities, seamless integration and control.

Matt Mielke, director of information technology for the credit union, explained, "We already valued the strong service and support we received from Jack Henry for our core, and we liked that the company's private cloud empowers us to maintain high levels of control over our data without having the hardware on-premise. Plus, it's challenging to find and retain technical expertise in our area, and the ability to outsource that talent with a trusted partner like Jack Henry was appealing. We migrated to HNS right before COVID-19 hit, which allowed us to navigate the pandemic more seamlessly than we could have otherwise. We now have more confidence in our ability to weather any storm, while simultaneously boosting efficiencies and managing market demands." 

Russ Bernthal, senior vice president of Jack Henry & Associates and president of ProfitStars, added, "As financial institutions continue to focus on improving efficiencies to realize the advantages of the private cloud, those able to get there the fastest will be winners. Which is why Innovations Credit Union, FirstBank and the rest of the 150 financial institutions we have partnered with have already migrated their infrastructure to our secure, flexible, private cloud environment. This approach allows banks and credit unions to bolster business continuity, and disaster recovery, mitigate cybersecurity threats and spend more time and energy dedicated to delivering new offerings, strengthening relationships, and exploring new business opportunities. We will continue supporting financial institutions across the country as they make a valuable shift to cloud banking."

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 9,000 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  
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 8,600 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 is the significance of 150 banks and credit unions choosing Jack Henry's HNS?

The selection indicates strong market confidence in Jack Henry's private cloud solutions, enhancing operational efficiency for these institutions.

How did FirstBank benefit from transitioning to Jack Henry's private cloud during the pandemic?

FirstBank was able to maintain critical operations and complete acquisitions while supporting remote work, showcasing the resilience of its IT infrastructure.

What advantages does Jack Henry's HNS provide to financial institutions?

HNS offers improved cybersecurity, disaster recovery, and allows banks to focus on strategic growth initiatives.

When was this announcement made by Jack Henry?

The announcement was made on January 5, 2021.

What role does ProfitStars play in Jack Henry's services?

ProfitStars is a division of Jack Henry that provides technology solutions and payment processing services to financial institutions.