back Back

Jack Henry & Associates announces Next-Generation Technology strategy

By Edlyn Cardoza

February 08, 2022

  • API
  • BaaS
  • Digital Currencies
Share

Jack Henry & Associates, FinTech, API, Digital Currencies, BaaS, FinTech, USAJack Henry & Associates, Inc. recently announced a next-generation, cloud-native technology strategy that will help the community and regional financial institutions innovate faster, differentiate strategically, and compete successfully while serving the evolving needs of their account holders.

The multi-year strategy centres on the company’s ongoing development of a single, modern, open banking platform that enables easy access to a broad ecosystem of Jack Henry solutions and high-grade, third-party FinTechs. The initiative builds on Jack Henry’s industry-leading, open-API digital banking platform.

“We’ve been working on this strategy for more than two years and are sharing it now because many of the recent innovations we’ve made – and will continue to make – are directly tied to the strategy,” said Board Chair and CEO David Foss, who will share details on the company’s second-quarter fiscal year 2022 earnings call on Feb. 9. “In addition to our current core systems, we are building our full stack of solutions on the cloud and augmenting them with open integrations and real-time data to help community and regional financial institutions compete and capitalize on the opportunity presented by the latest disruptions to our industry.”

Foss said many non-traditional banks have entered the market, taking advantage of consumers’ shift to digital banking during the pandemic and blurring the lines between traditional and non-traditional providers. “The emergence of new financial apps has created an unprecedented level of financial fragmentation,” Foss said. “It’s not uncommon for consumers to use between 30 and 40 different financial service providers.” He also cited disruption from the rising demand for digital currencies such as crypto.

“Community and regional financial institutions are the lifeblood of Main Street America, and we have a successful 45-year history of helping them adapt to changes in the technology landscape,” Foss said. “As a well-rounded financial technology company, Jack Henry is in a unique position to help these institutions strengthen connections with accountholders by offering a full array of solutions backed by modern technology and a wide network of fintech partners. Our strategy also supports the evolving need of our clients to offer Banking-as-a-Service (BaaS) options.”

Jack Henry will continue to evolve and support its existing core systems and complementary solutions as it builds new core component services on the cloud, including new account opening, wire processing, deposit processing, and account servicing over the next several years. The company is currently beta testing the first of these services.

“Over time, our clients can choose whether and when they want to use cloud-native services, and they will not be faced with a full core conversion,” Foss said. “Meanwhile, we will continue to invest in and support our existing cores at the same rate we have in the past.”

Jack Henry has made significant investments in innovation in recent years, including digital banking, payments, lending, and financial crimes. Under the long-term strategy, Jack Henry will provide a single platform of its best-of-breed capabilities plus access to a vibrant ecosystem of leading FinTechs and third parties. The company has already integrated more than 850 FinTechs into its ecosystem. It is the only platform provider with relationships with all four major financial-data aggregators, which eliminates screen scraping and reduces the financial fragmentation consumers are experiencing.

“This single open-banking platform will put our community and regional financial institution clients at the center of their customers’ financial lives and fundamentally define the evolution of our company and industry,” Foss said. “Our clients will be able to build and customize digital products and experiences, incorporate leading-edge services and capabilities, and provide personal service in moments of need and moments of relevance to sustain their competitive advantage of service and trust in the digital age.”

Recently, IBS Intelligence reported that Jack Henry & Associates, Inc., had announced that Neb.-based Siouxland Federal Credit Union and Minn.-based Fulda Area Credit Union both selected Symitar for a core solution to be hosted in a private cloud environment.

Previous Article

February 08, 2022

Ascenda and Visa launch program to drive cross-border payments in China

Read More
Next Article

February 08, 2022

DriveWealth announces the acquisition of Crypto-Systems

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

API

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

Read More

May 17, 2024

FinTech Focus: Catch latest developments of the week

Read More

May 17, 2024

Mastercard, Standard Chartered, Mox & Libeara to support tokenised assets

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023