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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) has enhanced its Gladiator Virtual Information Security Officer (vISO) service by introducing a Governance, Risk, and Compliance (GRC) Software as a Service (SaaS) platform. This new service provides financial institutions with automated tools for managing risk assessments, assets, business continuity plans, and vendor management records. The enhancement aims to improve IT security compliance amidst increasing regulatory pressures, offering real-time risk data and unified risk management capabilities.
Jack Henry & Associates (NASDAQ: JKHY) announced it will host a live webcast for its third quarter fiscal year 2021 earnings call on May 4, 2021, starting at 7:45 a.m. Central (8:45 a.m. Eastern). The earnings press release will be issued after the market closes on May 3, 2021. This call can be accessed via the Jack Henry website with information available for dial-in participants. Jack Henry serves around 8,500 clients with services tailored for community banks, credit unions, and financial institutions through its various divisions.
Jack Henry & Associates (NASDAQ: JKHY) reported significant adoption of its digital banking solutions amid increasing demand from regional and community banks. Over 400 institutions have deployed the Banno Digital Platform, engaging 4.3 million users since January 2020. Additionally, 120 banks are digitizing lending via Jack Henry Lending, and over 115 institutions are utilizing the JHA PayCenter. The pandemic spurred a surge in digital service demand, with 87% of consumers planning to maintain increased digital usage, indicating a lasting shift in financial services.
Jack Henry & Associates (NASDAQ: JKHY) announced that Univest Bank and Trust Co, with $6.3 billion in assets, has expanded its partnership to utilize the Banno Digital Platform. This suite of digital solutions will enhance customer experience with features like Banno Conversations, which allows real-time support from local representatives. Additional tools, JHA PayCenter and JHA OpenAnywhere, aim to increase customer engagement and streamline account opening. Univest aims to maintain human connection alongside digital transformation, positioning itself for future growth.
Jack Henry & Associates (NASDAQ: JKHY) has confirmed participation in the FedNow pilot program, aimed at enhancing instant payment solutions. This collaboration allows banks and credit unions using JHA PayCenter™ to connect seamlessly with emerging payment networks. Early involvement enables Jack Henry to influence the FedNow Service's development, projected for broader availability in 2023. By partnering with Jack Henry, financial institutions can reduce costs and implementation time compared to independent methods. The FedNow Service is designed to achieve real-time payment processing for financial entities across the U.S.
Jack Henry & Associates (NASDAQ:JKHY) announced that the State Department Federal Credit Union (SDFCU) has migrated its core and IT infrastructure to Jack Henry's private cloud. This strategic move aims to enhance operational flexibility and improve service offerings, especially allowing for remote work capabilities. By outsourcing IT services, SDFCU can now focus on innovation and reduce IT-related operational costs, while benefiting from Jack Henry's security and compliance expertise. This collaboration exemplifies the efficiency and adaptability of Jack Henry's cloud solutions.
Jack Henry & Associates (NASDAQ:JKHY) has introduced agricultural industry spreading models within its digital lending solution, enhancing efficiency for financial institutions processing agricultural loans. This initiative supports community banks and credit unions as they navigate challenges faced by the agricultural sector, which contributes over $1 trillion annually to the U.S. economy. The new models automate lending processes, reducing errors and offering flexibility in analyzing farmer income. With these advancements, Jack Henry aims to bolster the competitiveness of community institutions in a rapidly evolving lending landscape.
Jack Henry & Associates (NASDAQ: JKHY) announced that President & CEO David Foss will present with Simmons Bank's Alex Carriles at Wells Fargo's Bank and Tech Pop Up Virtual Conference on March 4, 2021. They will discuss how regional banks compete with larger institutions through technology. Simmons Bank experienced a 30% increase in digital users in 2020, underscoring the effectiveness of its tech strategy. Simmons is a subsidiary of Simmons First National Corporation (NASDAQ: SFNC) and operates over 200 branches across multiple states.
Jack Henry & Associates (NASDAQ: JKHY) announced that 93 financial institutions are now operational on its JHA PayCenter, a faster payments hub that connects to RTP and Zelle networks. Over 170 institutions are contracted to utilize JHA PayCenter, which will also integrate with future networks like FedNow. The hub enables near-real-time payment processing, enhancing digital user experiences for banks like City National Bank. Jack Henry plans to onboard 20-25 institutions monthly in 2021, addressing the growing demand for real-time payment solutions in the financial sector.
Jack Henry & Associates announced a 7% increase in its quarterly dividend to $0.46 per share. This cash dividend will be payable on March 25, 2021, to stockholders of record as of March 8, 2021. As of February 10, 2021, there were 76,077,510 shares outstanding. CFO Kevin D. Williams emphasized strong organic growth and cash flows, attributing the dividend increase to the company's commitment to shareholders and confidence in continual growth despite ongoing investments in capital expenditures and R&D.
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