Source: Jack Henry
Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated computer systems and ATM/debit card/ACH transaction processing, today announced that Miami-based Ocean Bank has selected Jack Henry to provide an in-house core processing platform and multiple fully integrated complementary solutions.
This $5.8 billion bank will install Jack Henry's SilverLake System in-house.
According to Mariano Fernandez, COO of Ocean Bank, "We currently have a functional in-house system but after an extensive evaluation of alternative systems that lasted more than four years and included multiple vendors, Jack Henry demonstrated three important advantages that it could deliver. First, SilverLake provides broader and deeper core functionality, especially in the areas of commercial lending, financial reporting, and cost analysis. Second, we expect to improve our operating efficiency and competitive positioning, and to more seamlessly support our evolving business strategy with access to Jack Henry's strong array of complementary products and services. And third, we can mitigate our operational risk with Jack Henry's unique regulatory compliance program. Converting to Jack Henry's solution will require a significant financial investment and commitment of our resources, but we believe more sophisticated core functionality, integrated access to more than 100 complementary solutions, and the ability to reduce risk will justify the expense and effort."
Jack Prim, CEO of Jack Henry & Associates, said, "SilverLake is now supporting approximately 15 percent of the domestic banks with assets ranging from $1 billion to $30 billion. We believe there are two primary reasons for this system's growing presence in the mid-tier market. SilverLake provides robust core functionality that can be highly customized, and Jack Henry has a fundamental commitment to provide every client with outstanding service. We are excited to add Ocean Bank to the roster of mid-tier banks that are relying on SilverLake and Jack Henry to support their unique growth, service, operational, and profit goals."
Tony Wormington, president of Jack Henry & Associates, concluded, "Each bank that we add to this roster has specific reasons for selecting our company as its technology partner. However, considering that regulatory and legislative compliance is now top-of-mind for most bankers, more and more of our new bank clients are citing our approach to compliance as an important component in their Jack Henry decision. We have a strict commitment to address dynamic compliance issues and to implement the requirements imposed by banking regulators before the effective dates."
In addition to the SilverLake core system, Ocean Bank will initially install Jack Henry's Vertex Teller Automation solution, StreamLine Platform Automation solution, Intelligence Warehouse/Intelligence Manager (IW/IM) business intelligence and analysis platform, RPM (Relationship Profitability Management) enterprise-wide profitability solution, Synergy Intelligent Document Management (IDM) system, and Yellow Hammer Fraud Detective fraud detection and prevention solution.