Jack Henry launches Jack Henry Loan Marketplace

By Pavithra R

Jack Henry & Associates, a leading provider of technology solutions and payment processing services primarily for the financial services industry, has announced the launch of Jack Henry Loan Marketplace, an online community for financial institutions to engage in the buying, selling, and participation of loans seamlessly.

Financial institutions around the world are looking for an efficient, cost-effective way to manage their loan portfolios. The Jack Henry Loan Marketplace expects to provide an unbiased access to opportunities for these institutions. It centralizes communications and transactions related to the sale, purchase, and trade of loans, and directly connects counterparties to eliminate the need for broker.

“With the Jack Henry Loan Marketplace, we gain a network of like-minded peers who want easier, smarter ways to manage our existing portfolios. We tend to be niche lenders, tailoring our relationships to available deals in our local markets. Through this online community, we have immediate options to buy or sell certain types of credits and more easily diversify if a concentration is building in our portfolio. It will be a smoother, faster process that can be done on our time,” said Michael Radcliffe is CEO, Community Financial Services Bank.

The Jack Henry Loan Marketplace allows loans to be presented as single transactions or pooled together and can accommodate any lending asset class. The digital format reduces document transfer time. Marketplace participants will gain a transparent process that provides an audit trail of all buying, selling, and trading. Its intuitive listings allow users to navigate the marketplace with ease, filtering by asset class, product type, geography, loan amounts, and counts, or other credit metrics. Financial institutions will also receive deal notifications when a trade hits the marketplace that matches their current conditions.

“Banks and credit unions as well as borrowers across the United States, need longer-term solutions to maintain their stability and strength. The Jack Henry Loan Marketplace presents an opportunity for local lenders to extend more credit to those who need it, facilitating a network of financial institutions willing and available to take on a wide range of loan opportunities. This digital model efficiently engages a full spectrum of geographies, asset sizes, and institution types to create a broader community of lenders, each helping one another diversify their own commercial assets and better manage portfolio risk,” said Terry Renoux, head of Jack Henry Lending.

Recently, Lakeside Bank & Jack Henry partnered to enhance the community-first approach through digital banking.

Jack Henry is S&P 500 company that serves approx. 9,000 clients nationwide through 3 divisions: Jack Henry Banking supports banks ranging from community banks to multi-billion-dollar institutions; Symitar provides various solutions to credit unions of all sizes; and ProfitStars offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry.