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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 expanded its collaboration with Victor Technologies, launching an embedded-payments management platform to help financial institutions capitalize on Payments-as-a-Service (PaaS) market opportunities. The platform, integrated with Jack Henry's SilverLake core, allows financial institutions to offer embedded payments to their corporate clients, software companies, and fintechs through a single API.
Key features include transaction-level, near real-time reconciliation, and a single source of truth for money movement and compliance reporting. The platform supports various payment types and use cases, including disbursements, receivables, cross-border, escrow, title, and ecommerce payments. MVB Bank, Dart Bank, and BayFirst National Bank are already using the platform, which aims to help financial institutions grow low-cost deposits and non-interest fee income.
Jack Henry™ (Nasdaq: JKHY) and CU Build recently held their fourth annual build-a-thon in Salt Lake City, Utah, setting a new record for credit union attendance. 54 participants from 29 credit unions across 26 states collaborated with 12 integrator partners and sponsors over three days. Teams developed solutions around the theme "Pioneering Progress," using Jack Henry's Symitar core and additional solutions.
The Best in Show Award went to 'Trailblazers' for their AI-powered mortgage loan tool, 'Path to Prosperity.' Participants praised the event for fostering innovation, collaboration, and skill development in the credit union industry. The event showcased the value of combining open technology with a community of open-minded individuals to create member-first solutions.
Backbase, creator of the Engagement Banking Platform, has joined Jack Henry's Vendor Integration Program (VIP). This integration allows Backbase to connect with Symitar, Jack Henry's core banking system, via SymXchange. The partnership aims to streamline core banking connectivity for credit unions, offering over 400 pre-integrated composable capabilities.
Key benefits include:
- Simplified integration process
- Reduced implementation time and costs
- Improved member experiences
- Enhanced digital transformation capabilities
This collaboration enables credit unions to modernize their digital infrastructure more efficiently, potentially boosting their competitiveness in the market.
Jack Henry™ (Nasdaq: JKHY) announced that AmeriCU Credit Union is leveraging its technology infrastructure to expand geographically and meet more community needs. AmeriCU, founded in 1950, has used Jack Henry's Symitar core system for 30 years, growing from $193 million to $2.7 billion in assets. The credit union serves over 164,000 members across 20 locations in Central and Northern New York.
Jack Henry's SymAdvisor consulting team helped AmeriCU launch competitive rewards checking and debit card accounts, implement data analytics solutions, and reduce account opening time from 10 to 3.5 minutes. The credit union also added features like earned wage access to differentiate itself and increase wallet share.
AmeriCU demonstrates strong community commitment, offering emergency loans during severe weather and providing discounts to first responders and military members for homeownership.
Bank Director's 2024 Technology Survey reveals key insights into U.S. banks' technology strategies and concerns. The survey, sponsored by Jack Henry, highlights that improving operational efficiency (49%), attracting and retaining customers (29%), and growing low-cost deposits (10%) are banks' primary technology objectives.
Notable findings include:
- 75% of respondents report increased technology budgets for fiscal year 2024
- 53% invested in payments, 46% in digital retail account opening
- 80% are discussing budgets for data analytics, 66% for artificial intelligence
- 60% experienced delays in technology project completion
- Only 21% measure ROI for technology projects
The survey also notes a shift in competitive landscape, with increased concern about retailers like Amazon and Walmart. Banks are increasingly hiring developers, and boards are prioritizing technology expertise.
Jack Henry (Nasdaq: JKHY) has been named to IDC's 2024 FinTech Rankings Top 25 for the 16th consecutive year, securing the 11th position. This prestigious list ranks leading companies providing hardware, software, and services to the financial services industry based on calendar-year revenue from financial institution clients. IDC projects that the financial services industry will spend over $800 billion worldwide on information technology by 2026.
Greg Adelson, Jack Henry's President and CEO, emphasized the company's commitment to delivering innovative technology that empowers community and regional financial institutions to compete effectively and meet evolving customer needs. The recognition underscores Jack Henry's role in supporting financial institutions' digital transformation initiatives.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) has announced its participation in the Goldman Sachs 2024 Communacopia + Technology Conference. Mimi Carsley, CFO & Treasurer of Jack Henry, will present at the event on September 10 at 11:10 a.m. ET.
A live webcast of the presentation will be available for viewing. For those unable to attend, a replay of the event will be accessible on the company's investor relations website at ir.jackhenry.com following the live presentation.
This announcement highlights Jack Henry's commitment to engaging with investors and sharing insights about the company's financial performance and strategies.
Jack Henry (Nasdaq: JKHY) has announced a collaboration with Moov, a digital payments processor, to enhance digital payment services for small and medium-sized businesses (SMBs) through community and regional financial institutions. The cloud-native service will allow SMBs to accept payments via phone tap, receive same-day funds, and automate reconciliations with accounting software. This initiative aims to help financial institutions better serve their business clients' deposit and payment needs.
The collaboration aligns with Jack Henry's technology modernization strategy, offering API-first services to help community and regional financial institutions compete effectively. The service is expected to reduce fragmentation in SMB banking relationships and help financial institutions capture SMB deposits, which are typically higher than retail deposits. Beta testing for this multi-phased approach is anticipated to begin by mid-2025.
Jack Henry & Associates (Nasdaq: JKHY) has announced its upcoming 2024 Investor Day, scheduled for Thursday, Sept. 5, 2024. The event will commence at 1 p.m. CT (2 p.m. ET) and feature presentations from the company's senior leadership team, followed by Q&A sessions.
Investors and interested parties can access a live audio broadcast and presentation materials through Jack Henry's Investor Relations website. For those unable to attend the live event, an on-demand replay will be made available after the conclusion of the Investor Day.
This annual event provides an opportunity for stakeholders to gain insights into Jack Henry's strategies, performance, and future outlook directly from the company's top executives.
Jack Henry & Associates (NASDAQ: JKHY) has announced a regular quarterly cash dividend of $0.55 per share. The dividend will be paid on September 27, 2024, to stockholders of record as of September 6, 2024. This declaration by the Board of Directors maintains the company's consistent dividend policy, demonstrating its commitment to returning value to shareholders. The dividend applies to JKHY's common stock, which has a par value of $0.01 per share.
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