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 LowellBank has selected its SilverLake core processing system to provide enterprise-wide automation.
This Massachusetts-based bank, which has more than $172 million in assets, will implement SilverLake through Jack Henry Banking's outsourced offering.
According to Jeff Guimond, senior vice president of Bank Operations for LowellBank, "We are strategically focused on being accessible and responsive to our customers' banking needs, and providing superior customer service is only possible at a community-centered bank backed by technologically advanced products and services. In fact, we believe technology can be a key differentiator for our bank so we launched a search for a contemporary technology platform. Our search focused on finding a true technology partner, not just a system. We wanted one company that could support the vast majority of our technology requirements, and a partner with the proven ability to meet its customers' service-related expectations. Jack Henry Banking clearly demonstrated it has the core and complementary solutions, the service culture, and the partnership approach our bank was looking for. We are confident that our implementation of a new SilverLake-based technology platform will be mission-critical to making us the first bank in our markets to introduce contemporary solutions in response to evolving customer demands, industry trends, and advancing technology."
Stan Viner, general manager of sales for Jack Henry Banking, said, "Banking has evolved into one of the most technology-dependent industries. But while some banks consider technology as a backroom necessity to process transactions and business information, LowellBank considers technology to be an important point of competitive distinction and critical to attracting and retaining customers in today's highly competitive business environment. It is the input and guidance from technology-driven banks like LowellBank that help us consistently deliver leading-edge core and complementary solutions, relevant and beneficial enhancements, and service levels that exceed our r clients' expectations."
In addition to SilverLake, LowellBank will initially implement an array of Jack Henry Banking's complementary solutions including StreamLine Platform Automation-Deposits; OnBoard Loans; Vertex Teller Automation System; Vertex Teller Capture; NetTeller Online Banking; goDough mobile banking; iPay Consumer Online Bill Pay; the iPay Biz 2.0 small business online bill payment suite; OurCashFlow online financial management (OFM); Opening Act online account opening; Electronic Statements−Interactive; components of the jhaPassPort ATM and debit card transaction processing platform; the Synapsys sales, marketing, and customer service solution; the Yellow Hammer fraud detection and prevention suite; Yellow Hammer BSA™; the Yellow Hammer ACH Origination and Yellow Hammer Wire Origination real-time monitoring solutions for ACH and wire transactions; Relationship Profitability Management (RPM); PROFITstar Classic asset/liability management and budgeting; and components of the Enterprise Payment Solutions (EPS) platform including the Remote Deposit Now (RDN) ASP remote deposit capture and Remote Deposit Anywhere (RDA) mobile and flatbed remote deposit capture solutions. LowellBank will also be upgrading to the latest version of the Synergy Enterprise Content Management (ECM) solution.