Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking division announced today that Oklahoma State Bank and New Mexico-based The Bank of Clovis have selected its Core Director core processing platform to provide enterprise-wide automation.
These banks will implement Core Director through Jack Henry Banking's outsourced offering, JHA OutLink Processing Services.
Steve McDaniel, president or Oklahoma State Bank, which has more than $81 million in assets, said, "Our bank needed a more sophisticated technology platform to aggressively compete in our markets and to better serve our customers with contemporary financial products and outstanding service. Technology and the banking industry itself have evolved dramatically during the past few years and we wanted to find a core system with the functionality and flexibility to evolve with us long-term. Based on our COO's experience as well as my personal past experience with Jack Henry Banking, its technology, its service levels, and the way the company does business, it was obvious that we wanted to include them in our evaluation. And at the end of our evaluation, it was an easy decision to once again partner with Jack Henry Banking and convert to the Core Director system. We are confident Jack Henry Banking's high quality and proven products and consistent service levels will help our bank improve operating efficiencies and optimize our growth opportunities."
According to Randy Harris, president and CEO of The Bank of Clovis, which has more than $175 million in assets, "We opened as a de novo bank in 2000 and outsourced our processing to a regional service bureau. During the past 13 years, our service bureau switched core systems four times so we went through four core conversations. After the acquisition of our service bureau, we made the strategic decision to conduct an evaluation of alternative outsourcing providers. Our evaluation focused on finding a technology partner with a long-term commitment to the core system we would implement, a solid track record supporting diverse banks with outsourcing services, and fully integrated complementary solutions we can implement as our business strategy evolves. We ultimately identified Jack Henry Banking and Core Director as the best fits for our bank. Jack Henry Banking provides the vast majority of the products and services we need, and the openness of Core Director will enable us to use specific third-party solutions in an integrated environment if we want. We are expediting our move to Core Director, converting in July, and we are truly excited about the new functionality we will have day-one as well as the operating efficiencies we expect to realize with a fully integrated technology platform."
Stan Viner, general manager of sales for Jack Henry Banking, said, "Core Director is our Windows-based core system that provides customizable functionality and full integration with approximately 50 complementary solutions. It provides point-and-click operation, an extremely flexible user interface that can be customized to support each banker's preferences and functional requirements, in-house and outsourced delivery, and open connectivity to third-party products. We are excited to add these growth-focused banks to the roster of more than 200 banks already entrusting their mission-critical information and transaction processing to Core Director. We are also excited about the opportunity to work closely with these banks to deliver seamless conversions and implementations, the ongoing service levels that exceed banker expectations, and the proven and ever-advancing functionality they need to support and optimize their business strategies."