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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 (NASDAQ: JKHY) announced a referral partnership with CU Business Group (CUBG), the largest business services CUSO, on August 3, 2021. This partnership aims to provide over 600 credit unions access to Jack Henry's payment, digital, and lending solutions. CUBG will refer a range of services, including digital loan management and payment solutions, to support credit unions in enhancing their business member relationships. The collaboration focuses on meeting the needs of business members and enabling credit unions to expand their service offerings.
Jack Henry & Associates (NASDAQ: JKHY) has expanded its partnership with Autobooks to enhance payment and invoicing capabilities within its Banno Digital Platform. Over 500 community banks and credit unions, along with 5 million users, will gain access to improved tools aimed at supporting local businesses. This partnership positions Jack Henry as the first major fintech provider to integrate these services, allowing businesses to manage payments and invoices seamlessly. This initiative aims to improve cash flow and increase revenue for financial institutions by offering essential digital tools to small businesses.
Jack Henry & Associates (NASDAQ: JKHY) announced that One Florida Bank and Gulfside Bank, based in Florida, are successfully meeting growth goals with its support. One Florida Bank, with over $950 million in assets, aims to become a $1 billion institution within three years by leveraging Jack Henry's digital solutions. Gulfside Bank has exceeded its asset projections by 30%, currently holding $215 million, and differentiates itself through technology. Jack Henry emphasizes its commitment to supporting community banks in competing against larger institutions, enhancing local economies.
Jack Henry (NASDAQ: JKHY) announced a partnership with Merchant's PACT on July 26, 2021, aimed at enhancing merchant services for banks and credit unions. This collaboration provides access to flexible, customizable consulting services and various payment processor options. The initiative is designed to help smaller financial institutions compete effectively by offering robust merchant solutions. The partnership leverages MPACT's expertise in optimizing payment strategies and supports Jack Henry's evolving open strategy.
Jack Henry & Associates (NASDAQ: JKHY) announced that its Chief Risk Officer, Charlie Wright, has been appointed as the board chair of The Institute of Internal Auditors (IIA) Global Board. With over 35 years of experience, Wright has been integral to IIA, serving since 2014. As board chair, he will lead the Global Board and discuss the impact of technology on the internal audit profession. David Foss, Jack Henry's CEO, praised Wright's leadership abilities, emphasizing the strategic alignment between Wright's role at IIA and Jack Henry's objectives.
Jack Henry & Associates (NASDAQ: JKHY) announced a new board appointment and leadership change effective July 1, 2021. Curtis Campbell, previously with Blucora, Inc. (NASDAQ: BCOR), joins as a board member, bringing significant technology and customer experience expertise. David Foss, current president and CEO, will serve as the new board chair, following the retirement of Jack Prim. Foss, with over 22 years at Jack Henry, believes combining the roles of CEO and board chair will benefit stakeholders and align strategic objectives.
Jack Henry & Associates (NASDAQ: JKHY) announced that Rusiru Gunasena, managing director of operations for JHA PayCenter, has been appointed to the U.S. Faster Payments Council Board Advisory Group. This group focuses on promoting faster payment solutions in the U.S. Currently, over 130 banks and credit unions utilize JHA PayCenter, with an additional 200 institutions contracted. The platform supports near-real-time payments and will connect to future networks like FedNow. Gunasena brings over 20 years of experience in the payments industry, emphasizing the growth and maturity of faster payments.
On June 24, 2021, Land Gorilla announced its participation in the Jack Henry Banking Vendor Integration Program (VIP). This collaboration will enable Land Gorilla to integrate its construction loan management software with Jack Henry's core platforms, including SilverLake System, CIF 20/20, and Core Director. This integration aims to enhance operational efficiencies and improve accuracy and timeliness in transaction data. Land Gorilla's CEO, Sean Faries, emphasized that this partnership will facilitate faster disbursement of construction loans, ultimately boosting profitability for financial institutions.
Jack Henry & Associates (NASDAQ: JKHY) announced that The National Bank of Indianapolis has migrated to its SilverLake System core to enhance efficiency and meet growing demand. With $2.5 billion in assets, the bank opted for a remote migration, leveraging Jack Henry's private cloud environment for automation. The migration was highlighted as a significant success, allowing the bank to utilize advanced functionalities and improve customer service with the Banno Digital Platform. This transition is aimed at enhancing the customer experience while maintaining personal service.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) has appointed Chris King as the new chief sales and marketing officer, following the retirement of Steve Tomson. King, a veteran with 31 years in the financial services industry, previously served as vice president at NCR. His leadership roles include positions at Diebold Nixdorf and Regions Bank. CEO David Foss expressed confidence in King's ability to drive sales and marketing innovations, while also acknowledging Tomson's 15 years of significant contribution to the company.
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