Jack Henry & Associates, Inc. (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 two Tennessee-based banks, Volunteer Federal Savings Bank and Peoples Bank of the South, have selected its CIF 20/20 core processing platform to provide enterprise-wide automation. Both banks will implement CIF 20/20 through Jack Henry Banking's outsourced offering.
CIF 20/20 is automating approximately 700 growth-focused, service-oriented banks by integrating parameter-driven core functionality with more than 120 complementary products and services. This market presence makes CIF 20/20 one of the most widely installed core banking systems in the U.S. Its flexible architecture and relational database, ability to support both in-house and outsourced operating environments, and scalable hardware platform maximize operating flexibility and seamlessly support banks' near- and long-term technology requirements.
According to Bob Dalton, president and CEO of Volunteer Federal Savings Bank, "We made the strategic decision to find a technology partner that could prove it values integrity-based business relationships, delivers high-quality products and ongoing product releases, and provides service levels that are consistent with our expectations. Soon after engaging in a very consultative sales process, we were fully convinced that Jack Henry Banking offers everything we were looking for - company and financial stability, integrity-driven customer relationships, proven products with a unique level of integration, and a company-wide commitment to provide outstanding service. The added value of its customer relationship manager program and the active regional CIF 20/20 users group also supported our decision. We are excited about the benefits new technology will provide for our customers, our employees, and our bank."
David Reynolds, president of Peoples Bank of the South, said, "Our bank needed a stable technology partner, a long-term technology platform, and access to knowledgeable service providers that truly care about providing the information we need and answers to our day-to-day questions. Based on our experience with the product and service quality of several ProfitStars solutions, and the strong endorsements of banks already automated by CIF 20/20, we are confident that partnering with Jack Henry Banking and converting to CIF 20/20 will satisfy our near- and long-term goals."
Stan Viner, general manager of sales for Jack Henry Banking, said, "We are confident that CIF 20/20 provides the functionality and flexibility these forward-thinking banks expect to gain with a new core system. We welcome Volunteer Federal Savings Bank and Peoples Bank of the South to our client roster and look forward to providing the business solutions they need to attract and support today's convenience-driven consumers, to continually improve their performance, and to successfully compete in today's business environment."