Jack Henry & Associates, Inc. reports developments for a financial technology company serving banks and credit unions with core processing, digital banking, payments, lending, fraud and anti-money-laundering, and data-integration capabilities. Company updates often cover client selections for outsourced core systems, the Banno Digital Platform, SilverLake, CIF 20/20, Core Director, Symitar, and third-party connections through the Jack Henry Fintech Integration Network.
Recurring news also includes quarterly earnings, deconversion revenue disclosures tied to client contract terminations after bank acquisitions, capital returns through dividends and share repurchases, credit-union and community-bank deployments, product recognition for Tap2Local, and executive participation in investor conferences.
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.
Jack Henry (Nasdaq: JKHY) has partnered with Google Cloud to modernize technology solutions for banks and credit unions. This collaboration focuses on creating cloud-first services to enhance data management and reporting systems while ensuring operational scalability, security, and compliance. The initiative aligns with Jack Henry's next-generation technology strategy to support community financial institutions in delivering superior digital banking experiences. This partnership is expected to enable clients to innovate rapidly, meeting evolving consumer expectations for secure and efficient financial services.
Member Driven Technologies (MDT) announced that 1st Community Credit Union has successfully implemented the Jack Henry Banno Digital Platform to enhance member experience. Member adoption surpassed initial year-end goals shortly after launch.
This digital banking platform offers a secure and intuitive interface, integrating seamlessly with existing systems. Initial feedback is overwhelmingly positive, particularly around the Banno Conversations feature, which fosters immediate digital engagement. MDT supports the credit union's ongoing development and aims to meet evolving technological demands.
Jack Henry (Nasdaq: JKHY) has announced the development of its new financial crimes platform, Jack Henry Financial Crimes Defender, set to launch in early 2023. This cloud-native solution, powered by Feedzai's AI/ML engine, aims to enhance fraud detection for community and regional financial institutions. It promises real-time data analytics and improved safeguards for accountholders. The initiative aligns with Jack Henry's next-generation technology strategy to innovate solutions that meet evolving customer expectations.
Jack Henry & Associates (NASDAQ: JKHY) declared a quarterly cash dividend of $.49 per share, payable on September 29, 2022. Stockholders of record as of September 9, 2022, will receive this dividend. As of August 17, 2022, the company had 72,902,797 shares outstanding. This announcement reflects Jack Henry's commitment to returning value to shareholders through consistent dividend payments.
Bankjoy has joined the Jack Henry Vendor Integration Program to enhance its digital banking platform's integration with Symitar. This collaboration enables Bankjoy to utilize Jack Henry's technical resources, facilitating seamless deployment of its online banking services for credit unions. Key features include mobile banking, online account opening, and conversational AI, aimed at improving member experiences. According to CEO Michael Duncan, this partnership helps credit unions provide essential digital services to their members, responding to the growing trend of mobile banking.
Jack Henry & Associates (JKHY) reported robust financial results for the fiscal year and fourth quarter ended June 30, 2022. GAAP revenue grew by 11% year-over-year, reaching $1.94 billion, with GAAP EPS increasing to $4.94. Operating income rose 19% to $474.6 million. The company expects fiscal 2023 GAAP revenue between $2.08 billion and $2.09 billion, with EPS projected at $5.05 to $5.09. Additionally, the company secured 17 new core clients, indicating strong demand for its technology solutions.
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Jack Henry announced its acquisition of Payrailz, a cloud-native digital payment platform, enhancing its payments capabilities. The acquisition is expected to close on August 31, 2022, and aims to integrate advanced payment solutions, including real-time P2P transactions, into Jack Henry's ecosystem. This strategic move supports Jack Henry’s modernization efforts for banks and credit unions, utilizing AI-driven technology to improve financial health and streamline payment processes, thereby positioning the company against industry disruptors.
Jack Henry & Associates (Nasdaq: JKHY) appointed Mimi Carsley as Chief Financial Officer and Treasurer, effective September 1, 2022. Carsley brings over 30 years of experience in financial technology and corporate finance, having previously worked as Interim CFO at Blucora and held key positions at LPL Financial and Microsoft. She succeeds Kevin Williams, who is retiring after nearly 25 years with the company. Board Chair and CEO David Foss expressed confidence in Carsley's leadership and expertise to advance the company's customer-focused strategies.