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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 & Associates announced that LINKBANCORP selected them to enhance banking services in Central and Southeastern Pennsylvania. Founded in 2018, LINKBANCORP has achieved over $1 billion in assets following a merger. The partnership will utilize Jack Henry's digital banking solutions, including the Banno Digital Platform and LoanVantage. LINKBANCORP aims to improve operational efficiency and customer service through technology, leveraging industry partnerships to remain competitive. This collaboration emphasizes relationship-based banking for both commercial and retail clients.
Jack Henry & Associates (NASDAQ: JKHY) is enhancing faster payment solutions for over 250 regional and community financial institutions through its JHA PayCenter™. This proprietary hub connects to the RTP® network and Zelle Network®, streamlining access to faster payment options. Since its 2018 launch, JHA PayCenter has processed over $2 billion in transactions. Currently, more than 170 clients are live on RTP, and Zelle is projected to process over $3 billion by year-end 2022. Jack Henry is also collaborating with the Federal Reserve on the FedNow network.
Jack Henry & Associates (NASDAQ: JKHY) has been recognized as one of the 2022 Best Places to Work in Kentucky, ranking 14th in the large company category. This marks the tenth consecutive year the company has received this accolade, reflecting its commitment to workplace culture and professional growth. The award is based on comprehensive employee and employer surveys assessing workplace practices and policies. Jack Henry employs over 300 people in Kentucky and offers innovative solutions specifically for the financial services sector.
Jack Henry & Associates (NASDAQ: JKHY), a leading provider of technology solutions for the financial services sector, announced its executives will present at several investor conferences in June 2022. Notably, David Foss, CEO, will speak at the Morgan Stanley US Financials Conference on June 13 at 10:15 am ET and the RBC Capital Markets FinTech Conference on June 14 at 11:20 am ET. Kevin Williams, CFO, will present at the Nasdaq Investor Conference on June 14 at 4:00 am ET. Webcasts of these events will be available for later viewing.
Jack Henry & Associates (NASDAQ: JKHY) has been recognized for the fifth consecutive year as one of the 2022 Best Places to Work in Financial Technology by Arizent and Best Companies Group. The evaluation included workplace policies, employee satisfaction, benefits, and demographics across 50 participating companies. With approximately 6,800 employees and serving 8,000 clients, Jack Henry stands out as the largest company on this year’s list. CEO David Foss emphasized the company's commitment to employee welfare and a supportive culture, key to their mission in financial health.
Member Driven Technologies (MDT) has integrated DeepTarget's engagement tools into the Banno Digital Platform, enhancing digital banking experiences for credit unions. Early adopters, such as Altana FCU and LAFCU, utilize these tools for personalized messaging and improved member engagement. The integration aims to improve product cross-sales and member loyalty within a robust digital banking environment. MDT emphasizes the importance of personalization in digital interactions to drive member satisfaction and competitive differentiation.
Jack Henry & Associates (NASDAQ: JKHY) announced that David Foss, CEO, will present at two significant investor conferences in June 2022. The first will be at the Bernstein's 38th Annual Strategic Decisions Conference on June 1, 2022, at 9:00 am ET. The second presentation is at the Baird 2022 Global Consumer, Technology & Services Conference on June 7, 2022, at 12:15 pm ET. Webcasts of both presentations will be available for live viewing and replays on the company’s investor relations website.
Jack Henry & Associates (NASDAQ: JKHY) has launched a new Vendor Management Program integrated into its Governance, Risk and Compliance (GRC) Suite. This service aids financial institutions in mitigating third-party risks and aligns their programs with regulatory guidelines. The program alleviates the burden of vendor risk assessments and compliance efforts, enhancing operational efficiency. Jack Henry's open-banking platform supports over 850 third-party fintechs, promoting competitive scalability for community financial institutions in a rapidly evolving market.
Jack Henry & Associates (NASDAQ: JKHY) announced a collaboration with Array to enhance financial health for consumers through better access to credit data and personalized monitoring tools. This integration into the Banno Digital Platform aims to empower financial institutions to offer tailored credit insights directly to consumers, improving engagement and supporting financial literacy. Early adopters like Timberland Bank emphasize the importance of these tools for customer relationships and community well-being. The partnership is part of Jack Henry's ongoing commitment to advancing digital financial services.
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