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Jack Henry (JKHY) Boosts GRC With Vendor Management Service

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Jack Henry & Associates (JKHY - Free Report) introduced the Vendor Management Program to its Governance, Risk and Compliance (GRC) Suite.

The Vendor Management Program provides assistance to financial institutions in minimizing the risks of working with external service providers, IT vendors and related third parties.

JKHY’s GRC Suite offers compliance and regulatory resources to financial institutions to help them function properly in the changing regulatory environments.

With the addition of the Vendor Management Program, Jack Henry added strength to the GRC Suite.

This is expected to help JKHY gain momentum among the financial institutions, which are likely to contribute well to its top-line growth in the days ahead.

Robust Portfolio Offerings

The introduction of the Vendor Management service bodes well for Jack Henry’s growing efforts toward bolstering its portfolio of solutions.

Apart from the recent move, JKHY’s division Jack Henry Lending incorporated tax return spreading into its digital lending platform LoanVantage to help banks and credit unions automate and streamline their operations.

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

This apart, JKHY released agricultural industry spreading models to aid financial institutions in the seamless processing of agricultural loans.

Further, Jack Henry introduced SecurePort for banks to help customers gain access to account balances and funds, and protect the same in times of crisis.

Growing Customer Base

Jack Henry is witnessing continuous growth in the client base owing to an efficient and reliable solutions portfolio.

Recently, JKHY announced that its BusinessManager solution is being used by Great Plains National Bank to help local businesses generate additional revenue sources and survive in the post-pandemic period.

In addition, the Bank of Burlington, RockPoint Bank and Moultrie Bank & Trust selected Jack Henry’s technology platform to expand the accessibility of their financial services among the local communities.

In addition, Old Second National Bank expanded its relationship with Jack Henry to fuel growth and execute its digital strategies.

JKHY also extended its alliance with Independent Financial. Per the terms of their deal, Independent Financial will leverage Jack Henry’s digital lending platform LoanVantage for automating commercial loans for small and medium-sized businesses.

Zacks Rank & Other Stocks to Consider

Currently, Jack Henry carries a Zacks Rank #2 (Buy). Investors interested in the broader technology sector can consider some other top-ranked stocks like Avnet (AVT - Free Report) , Monolithic Power Systems (MPWR - Free Report) and MaxLinear (MXL - Free Report) . While Avnet and Monolithic Power Systems sport a Zacks Rank #1 (Strong Buy), MaxLinear carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Avnet has gained 4.5% in the past year. The long-term earnings growth rate for AVT is currently projected at 37.2%.

Monolithic Power Systems has gained 28.4% in the past year. The long-term earnings growth rate for MPWR is currently projected at 25%.

MaxLinear has rallied 7.5% in the past year. The long-term earnings growth rate for MXL is currently projected at 20%.