Source: Jack Henry & Associates
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 it has partnered with Louisville, Ky.-based Commonwealth Bank & Trust to provide the support, services, and efficiencies the bank needs after surpassing $1 billion in assets.
The bank selected the SilverLake System® in an outsourced environment to streamline operations and continue scaling with ease. They will replace many third-party solutions with Jack Henry’s comprehensive platform, gaining tighter integrations and enhanced workflows from the open infrastructure.
Ann Wells, CEO of Commonwealth Bank & Trust, said, “After extensive due diligence, we found Jack Henry to be the best partner for our bank. Their culture and commitment to personal service matches our own, and their open services will position us to meet our goals. Improving efficiency is key for us; we previously attempted to build better workflows but couldn’t reach full potential without an open core environment. With Jack Henry, we’re confident in setting an aggressive goal to decrease our efficiency ratio by 10 percent over the next three years while focusing on continued growth and strengthening customer relationships.”
Commonwealth Bank & Trust also plans to attract more commercial customers with its new platform. Jack Henry’s treasury management capabilities will equip the bank to manage day-to-day cash flow and long-term financial health, provide multiple payment options, and enforce high security standards with the convenience and accessibility that today’s commercial accounts require.
Stacey Zengel, vice president of Jack Henry & Associates and president of Jack Henry Banking, said, “Commonwealth Bank & Trust wants to provide their community with the same quality of service and guidance they would give to their family. Jack Henry can help them meet that admirable goal by powering the open technology necessary to efficiently scale their operations and focus on relationships. This combination of trust and technology will help them compete with even the largest institutions and thrive in a modern banking landscape.”