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Jack Henry (JKHY) Bolsters Banking Division With SecurePort

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Jack Henry & Associates’ (JKHY - Free Report) division Jack Henry Banking has unveiled a Sheltered Harbor solution named SecurePort.

SecurePort ensures that banks leveraging the SilverLake System core can help customers with access to account balances and funds as well as protect them in times of crisis including situations when critical systems and backups fail.

Bankers can leverage this solution to transfer important information in a secured vault that is encrypted and separated from the bank’s infrastructure.

For storing data, the solution uses the AmazonS3 Glacier that restores data within half an hour and delivers maximum durability.

The recent launch is expected to help Jack Henry gain strong traction among various financial institutions. It is to be noted that Meadows Bank has already shown interest in SecurePort. The company strives to expand the solution to nearly 1,700 financial institutions by 2022.

Further, the latest move is likely to bolster the adoption rate of SilverLake System.

Banking Division Strength

The latest move by Jack Henry has strengthened its banking offerings.

We note that robust banking solutions are continuously helping the company in expanding its client base.

Recently, the company announced that its SilverLake System core and Jack Henry Digital have been used by One Florida Bank and Gulfside Bank for providing automated digital solutions as well as personal service to customers. This shows reliability of both the platforms.

Further, the National Bank of Indianapolis has migrated to the SilverLake System core for meeting the rising commercial and small business demand.

In addition, Peapack-Gladstone Bank leveraged Jack Henry Lending’s digital Paycheck Protection Program solution to automate the process of offering new services that are helping businesses to recover from the pandemic.

Expanding Portfolio of Solutions

Jack Henry has been making strong efforts to expand the portfolio of cloud-based digital solutions and payment processing services. The introduction of SecurePort is a step forward in this direction.

Recently, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal that provides near-real-time servicing to lenders anytime and anywhere.

It also released agricultural industry spreading models to help financial institutions in seamless processing of agricultural loans.

In addition, the company added a new suite of tools and analytics from Stackfolio to bolster lending capabilities.

Further, the availability of Jack Henry Consumer Loans for creating and managing loans as well as supporting borrower relationships remains worthwhile.

Zacks Rank & Stocks to Consider

Currently, Jack Henry carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector include Advanced Micro Devices (AMD - Free Report) , ON Semiconductor (ON - Free Report) and ASML Holding N.V. (ASML - Free Report) . While Advanced Micro Devices sports a Zacks Rank #1 (Strong Buy), ON and ASML Holding carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term earnings growth rates for ON, Advanced Micro Devices and ASML Holding are currently projected at 53.9%, 44.6% and 33.5%, respectively.