Jack Henry & Associates has announced a next-generation, cloud-native technology strategy that will help community and regional financial institutions innovate faster.
The multi-year strategy centers on the company’s ongoing development of a single, modern, open-banking platform that enables easy access to a broad ecosystem of Jack Henry solutions and high-grade, third-party fintechs. The initiative builds on Jack Henry’s industry-leading, open-API, digital banking platform.
Under the long-term strategy, Jack Henry will provide a single platform of its best-of-breed capabilities plus access to a vibrant ecosystem of leading fintechs and third parties. The company has already integrated more than 850 fintechs into its ecosystem, and it is the only platform provider with relationships with all four major financial-data aggregators, which eliminates screen scraping and reduces the financial fragmentation consumers are experiencing.
Jack Henry will continue to evolve and support its existing core systems and complementary solutions as it builds new core component services on the cloud, including new account opening, wire processing, deposit processing, and account servicing over the next several years. The company is currently beta testing the first of these services.
“We’ve been working on this strategy for more than two years and are sharing it now because many of the recent innovations we’ve made – and will continue to make – are directly tied to the strategy,” said Board Chair and CEO David Foss. “In addition to our current core systems, we are building our full stack of solutions on the cloud and augmenting them with open integrations and real-time data to help community and regional financial institutions compete and capitalize on the opportunity presented by the latest disruptions to our industry.”
“Community and regional financial institutions are the lifeblood of Main Street America, and we have a successful 45-year history of helping them adapt to changes in the technology landscape,” Foss said. “As a well-rounded financial technology company, Jack Henry is in a unique position to help these institutions strengthen connections with accountholders by offering a full array of solutions backed by modern technology and a wide network of fintech partners. Our strategy also supports the evolving need of our clients to offer Banking-as-a-Service (BaaS) options.”
