Jack Henry & Associates, Inc. (Nasdaq: JKHY), a provider of integrated technology solutions and data processing services for financial institutions, has announced that Maryland-based Shore Bancshares, a three-bank holding company with more than $1 billion in assets, has selected Jack Henry Banking as its technology partner and the SilverLake System as its technology platform.
According to Scott Beatty, COO of Shore Bancshares, "After running a proprietary core processing system for more than 30 years, we made the decision to replace this aging system with a technology platform that we believe will provide more sophisticated, contemporary, and robust functionality. Approximately two years ago we began the due diligence necessary to identify a solution that provides the integration we need to increase our operating efficiency and the functionality we need to better serve our customers and expand our product offering. During our evaluation, we were immediately impressed with the functionality and integration that SilverLake provides and the number of fully integrated complementary products and services Jack Henry Banking offers. As our due diligence continued, we became convinced that SilverLake is the platform most compatible with our near- and long-term business strategy and technology requirements. We also believe that Jack Henry Banking provides the service infrastructure that will meet our expectations and has a corporate culture that is most compatible with ours."
SilverLake System is a competitively distinct information and transaction processing platform that provides highly customizable, enterprise-wide automation. This commercial-focused system, which is automating banks ranging from de novo to multi-billion dollar institutions, effectively supports bank-specific requirements by integrating customizable core functionality with more than 100 best-of-suite complementary solutions. SilverLake maximizes operating flexibility and each bank's long-term technology investment with an open architecture, the ability to support in-house and outsourced operating environments, and the scalable IBM(R) Power(TM) hardware platform.
Tony Wormington, president of Jack Henry & Associates, said, "A fundamental tenet of our success is the ability to provide the business tools banks need to continually improve their performance and successfully attract and retain customers in today's dynamic business environment. We are confident that SilverLake provides the functionality and flexibility Shore Bancshares expects to gain with a new core system, and we welcome the addition of this bank holding company to our client roster."
In addition to SilverLake, Shore Bancshares will initially implement an array of Jack Henry Banking's complementary solutions including StreamLine Platform Automation -- Deposits; Vertex Teller Automation System and Vertex Teller Capture; Cognos 8 BI report generation and business intelligence solution; InTouch Voice Response telephone banking solution; Remote Deposit Capture; components of the modular Synergy Enterprise Content Management (ECM) solution; and the Yellow Hammer fraud detection and prevention solution suite. This holding company will also implement jXchange, a services-oriented architecture on a .NET platform that provides open connectivity between Jack Henry Banking's core and complementary solutions and third-party products. This contemporary integration methodology increases banks' operating flexibility and enables them to leverage their existing and future technology investments.