Cloud-native business banking solution enables
community and regional financial institutions to better
support businesses throughout stages of growth
MONETT,
Mo., Jan. 25, 2024 /PRNewswire/ -- Jack
Henry™ (Nasdaq: JKHY) is pleased to announce Banno
Business™, a new solution that enables community and
regional financial institutions to offer modern banking experiences
for small-to-medium businesses (SMBs).
Community banks and credit unions are well-positioned to
support SMBs because of their knowledge of the community and
focus on financial health. They have proven to be a backbone of
their community, providing SMBs with access to capital when
they need it the most. According to the Independent Bankers
Association (ICBA), community banks provide the majority of small
business loans. Banno Business will further equip community banks
and credit unions to serve businesses in their communities with
competitive, advanced digital tools embedded into the Banno Digital
Banking Platform™.
High Plains Bank is utilizing Banno Business to help win
more SMBs with first-to-market services and grow its deposits while
improving the financial health of local businesses. "The features
of Banno Business surpass what we see from banks of any size and
enable our community bank to compete with anyone in the market,"
said Brian Otteman, chief experience
officer at High Plains Bank. "Business owners can easily manage
permissions for their employees, simplify their money movement, and
understand their cashflow. These are critical tools to empower our
community business owners and strengthen our bank."
Banno Business helps financial institutions serve SMBs by
packaging business solutions (including cash management, payments
and commercial lending) with new embedded payment capabilities,
cash flow tools, reporting, and advanced features for business
owners to control their finances. Businesses can also link external
accounts to their financial institution through integration with
Finicity from Mastercard, gaining a complete view of their finances
in one place.
Freedom First Credit Union is also launching Banno Business
to further embed itself into its community. Paul Phillips, President & CEO of the credit
union, commented, "We want to be the reliable partner that our
members trust to help in all aspects of their financial lives,
including their businesses. Having a full business solution with
the digital user experience that our members know and trust makes
for an easy transition into new markets. Banno Business positions
us to mature existing member relationships and grow net new
business; it's a win for our deposit acquisition strategy and
diversifies our portfolio."
"Banno Business centralizes the business banking capabilities
and partnerships we've created over the years into a single
platform," said Julie Morlan,
Managing Director of Digital Solutions at Jack Henry. "We've built
our platform to be highly configurable and scalable, enabling banks
and credit unions to compete across the business spectrum. With
Banno Business, financial institutions can expand and monetize
their market share – a $370 billion
revenue opportunity – while making a continued impact in their
communities."
Banno Business leverages the success of the Banno retail
platform, which has more than 10.5 million registered users. The
solution is part of the company's technology modernization
strategy, which provides cloud-native services that can be bundled
together to solve key business challenges.
About Jack Henry & Associates,
Inc.®
Jack Henry™ (Nasdaq: JKHY)
is a well-rounded financial technology company that strengthens
connections between financial institutions and the people and
businesses they serve. We are an S&P 500 company that
prioritizes openness, collaboration, and user centricity – offering
banks and credit unions a vibrant ecosystem of internally developed
modern capabilities as well as the ability to integrate with
leading fintechs. For more than 47 years, Jack Henry has provided
technology solutions to enable clients to innovate faster,
strategically differentiate, and successfully compete while serving
the evolving needs of their accountholders. We empower
approximately 7,500 clients with people-inspired innovation,
personal service, and insight-driven solutions that help reduce the
barriers to financial health. Additional information is available
at www.jackhenry.com.
Statements made in this news release that are not historical
facts are "forward-looking statements." Because forward-looking
statements relate to the future, they are subject to inherent risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such
risks and uncertainties include, but are not limited to, those
discussed in the Company's Securities and Exchange Commission
filings, including the Company's most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk Factors." Any
forward-looking statement made in this news release speaks only as
of the date of the news release, and the Company expressly
disclaims any obligation to publicly update or revise any
forward-looking statement, whether because of new information,
future events or otherwise.
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SOURCE Jack Henry & Associates, Inc.