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Jack Henry & Associates, Inc.® (Nasdaq: JKHY) is a prominent financial technology company that has been empowering financial institutions for over 47 years. Known for its commitment to openness, collaboration, and user-centric solutions, Jack Henry provides core processing and complementary services to nearly 7,500 clients, including banks and credit unions, primarily in the United States. The company's robust suite of products and services includes core banking platforms like SilverLake, CIF 20/20, and Core Director, as well as credit union platforms such as Episys and Cruise.
Jack Henry's integrated computer systems support in-house and outsourced data processing, covering crucial aspects like deposit, loan, and general ledger transactions. The company's offerings extend to business intelligence and management solutions, internet banking, EFT solutions, risk management, item and document imaging, payment processing solutions, and professional services.
Recent achievements highlight Jack Henry's continuous innovation. The company's digital banking platform Banno recently integrated with Bits of Stock, allowing community financial institutions to offer stock rewards to customers. This integration enhances Jack Henry's ecosystem of over 950 fintechs, bringing modern financial products to approximately 7,500 financial institutions.
In fiscal second quarter 2024, Jack Henry reported deconversion revenue of $4.9 million, with full-year guidance maintaining estimates at $16 million. Deconversion revenue, typically arising from customer acquisitions by other institutions, is not reflective of Jack Henry's core operations but is significant for financial reporting.
Notable partnerships include Legacy Bank & Trust, which doubled its asset size by leveraging Jack Henry's scalable hosted core processing solution, and United Bank, which selected Jack Henry to modernize operations and improve customer experience through tools like the Banno Digital Platform™ and LoanVantage®. Additionally, the successful merger of UniWyo Credit Union and Reliant Federal Credit Union was facilitated by Jack Henry's seamless data conversion and integration capabilities, showcasing the company's ability to support significant transformation projects.
As an S&P 500 company, Jack Henry remains dedicated to helping clients innovate, differentiate, and compete effectively in the evolving financial landscape. The company's people-inspired innovation and personal service continue to reduce barriers to financial health, fostering strong connections between financial institutions and the communities they serve. For more information, visit the official website at www.jackhenry.com.
Jack Henry (Nasdaq: JKHY) has launched a standalone person-to-person (P2P) payments solution via its Payrailz Digital Payments Platform. This innovative open-loop service allows users to send money using just a mobile number or email, enabling transactions without the need for the sender and receiver to be on the same network. Key features include fraud mitigation, real-time payments, and the ability to credit funds to various accounts. The solution aims to enhance digital banking capabilities for financial institutions and meet growing customer demand for flexible payment options.
Jack Henry (NASDAQ: JKHY) celebrated International Credit Union Day by highlighting its recent participation in CU Build's annual build-a-thon, attended by 56 professionals from 21 credit unions. The event focused on innovation, fostering collaboration to create solutions for industry challenges. Team Play Less won for their 'Save More' solution, enhancing member experience. Senior leaders praised the initiative's impact on technology and skills development, with a goal to strengthen credit unions' financial futures. Jack Henry continues to support such initiatives, emphasizing user-centric innovation and collaboration.
Jack Henry has expanded its partnership with Mastercard to help community and regional financial institutions provide accountholders with a unified view of their financial data. This collaboration enables secure, API-based data access, allowing users to manage accounts from various providers on a single platform. The initiative aims to combat financial fragmentation, a pressing issue affecting 70% of Americans, according to the Financial Health Network. The services will be available to over 700 institutions, enhancing their digital banking capabilities.
Jack Henry & Associates (Nasdaq: JKHY) has promoted Vance Sherard to Vice President of Investor Relations as of October 18, 2022. With 25 years of experience at the company, Sherard has led Investor Relations since 2015 and has significant expertise in sales, corporate development, and finance. CFO Mimi Carsley praised Sherard's strategic vision and leadership contributions. Sherard holds a CFA designation and advanced degrees in business and finance. The company, a member of the S&P 500, serves approximately 8,000 financial clients with innovative technology solutions.
Woodsville Guaranty Savings Bank has partnered with Jack Henry (NASDAQ: JKHY) to enhance operational efficiencies and customer experience, leveraging modern technology as it expands. Founded in 1889, the $630-million asset bank will utilize Jack Henry's core and digital solutions, including the Banno Digital Platform, to automate processes and improve service delivery. This collaboration aims to streamline systems and provide access to over 850 fintech integrations, positioning Woodsville for future growth amid challenges in finding new talent.
Jack Henry™ (Nasdaq: JKHY) has been ranked No. 11 in IDC's 2022 FinTech rankings, marking the 14th consecutive year it has appeared on the list for top global financial technology providers. This recognition is based on annual revenue and highlights the company's commitment to supporting community and regional financial institutions. IDC forecasts that global IT spending in the financial services sector will reach $590 billion by 2025. Jack Henry emphasizes its role in providing innovative technology solutions to improve financial health for accountholders.
Jack Henry announced that One Florida Bank has successfully migrated to its Gladiator Hosted Network Solutions, enhancing its IT infrastructure management within Jack Henry's private cloud. This transition supports One Florida Bank's rapid growth, tripling its assets to $1.4 billion since 2019, allowing the bank to prioritize security, compliance, and customer relations. CFO Eric Nadeau highlighted improved IT examination outcomes, while the private cloud offers resilience against regulatory challenges. Jack Henry reaffirms its commitment to providing community financial institutions with essential modern technology.
Merchant’s PACT announces the integration of MPACT Offers with Jack Henry's Banno Digital Platform, enhancing merchant processing for nearly 7.9 million accountholders. Utilizing the Banno Digital Toolkit, this partnership streamlines communications and offers targeted content to commercial and SMB clients. MPACT Hub, Merchant’s PACT's open platform, supports this initiative by providing SaaS solutions that modernize banking integrations, leading to increased deposits and reduced disintermediation risks.
Jack Henry & Associates (Nasdaq: JKHY) has completed its acquisition of Payrailz, a cloud-native digital payment platform. This acquisition aims to enhance Jack Henry's payment capabilities and support its technology modernization strategy, helping banks and credit unions compete with industry disruptors. While financial details were not disclosed, the acquisition aligns with Jack Henry's payments-as-a-service strategy and commitment to open banking. CEO David Foss emphasized the additional functionalities for clients and reiterated earnings guidance for FY23, projecting $5.05 to $5.09 EPS.
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