Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced the Institution for Savings has selected Jack Henry Banking as its technology partner and the SilverLake System as its technology platform. This Massachusetts-based bank, which has more than $980 million in assets, will implement SilverLake through Jack Henry Banking's outsourced offering.
According to Mark Welch, president and CEO of the Institution for Savings, "Technology plays an important role in a bank's ability to maintain its service standards, aggressively and successfully compete, and meet its performance goals. Based on the growing need for a technology platform that is more compatible with our near- and long-term business strategy, we decided to replace our long-time outsourced solution. We wanted a core processing solution that provides full integration, sophisticated commercial lending capabilities, the ability to immediately access vital business and decision- support information, strong reporting capabilities, a more efficient new account opening process, and an extremely stable data center infrastructure. We are very confident that Jack Henry Banking and the SilverLake System meet these criteria, and our visits with existing SilverLake users confirmed the results of our due diligence."
Michael Jones, EVP, COO, and CFO of the Institutions for Savings, added "We evaluated outsourced alternatives and focused on identifying a proven solution that can materially increase our operating efficiency and support our ongoing growth without staff additions. We are excited about our conversion to SilverLake and the immediate operational benefits we expect to realize."
SilverLake System is a highly customizable, commercial-focused system that is automating banks ranging from de novo to multi-billion dollar institutions. It effectively supports bank-specific requirements by integrating robust core functionality with more than 100 best-of-suite complementary solutions.
Tony Wormington, president of Jack Henry & Associates, said, "We believe that our ability to add progressive, growth-focused banks like the Institution for Savings to our client roster is a testament to our successful support of diverse banks ranging from de novos, to about 20 percent of mid-tier banks, to multi-billion dollar holding companies. We welcome the opportunity to s to support this bank's ongoing technology needs with a customized solution that integrates SilverLake and strategic complementary solutions, and we expect to enjoy a rewarding working relationship with this bank and its exceptional staff."
In addition to SilverLake, the Institution for Savings will initially implement an array of Jack Henry Banking's complementary solutions including StreamLine Platform Automation(R), Vertex Teller Automation System(TM) and Vertex Teller Capture, NetTeller Online Banking(TM), InTouch Voice Response(R) telephone banking solution, the jhaPassPort suite of ATM and debit card solutions, and the Yellow Hammer(TM) BSA compliance and risk mitigation solution. This bank is also an existing user of Jack Henry Banking's Synergy(TM) Enterprise Content Management (ECM) solution.