Jack Henry announced today that the company has expanded its partnership with Autobooks to embed payment and invoicing capabilities into the Banno Digital PlatformTM. The more than 500 community banks and credit unions and over 5 million registered users of the Banno Digital platform will receive complementary access to an upgraded set of tools they need to provide businesses in their communities with local support backed by full-service digital solutions.

With this partnership, Jack Henry is the first major financial technology provider to democratize receivables tools and make them a standard part of the digital banking experience. This is a highly competitive addition for banks and credit unions, as non-bank providers attempt to disintermediate small business banking relationships from financial institutions. Currently, more than 45 Jack Henry clients have this service, and remaining clients will gain access to it within a few weeks.

Businesses and non-profit organizations will be able to self-enroll to accept card and ACH payments as well as send and receive invoices within their existing bank accounts through any device, enabling them to run their businesses anywhere anytime. The automated, seamless experience can increase cashflow while unlocking access to working capital; 95% of digital invoices sent by the company are paid within five days, reducing days sales outstanding, which is critical for any business owner. Enabling business owners to accept online payments helps to both attract new relationships and capture the complete deposit history, generate non-interest fee income, and surface new lending opportunities for existing relationships.

Steve Robert, CEO of Autobooks, said, “There’s never been a greater sense of urgency to provide small businesses with the tools they need to improve cashflow and grow. By partnering with Jack Henry, we’re helping financial institutions succeed and remain at the center of their customers’ financial lives with relevant, contextual, and self-service digital tools. The Banno Digital Platform represents a new era for financial institutions to bring small business-focused solutions to market much quicker, ultimately driving meaningful outcomes for both the institution and its customers.”

Ben Metz, head of digital at Jack Henry, added, “We’re fostering relationships with leaders in the space and enabling innovation to happen on behalf of our clients, creating more of an inclusive community where everyone wins. Embedding fintechs like Autobooks within our open banking ecosystem empowers financial institutions to deliver better financial experiences and own their business relationships. We’re offering our financial institutions a unique and differentiated approach to small business banking with Autobooks; it’s an integral part of earning first-app status.”