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Jack Henry (JKHY) Bolsters Clientele With ICBA Partnership
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Jack Henry (JKHY - Free Report) is benefiting from a strong customer momentum driven by its robust product portfolio.
Jack Henry’s recent collaboration with the Independent Community Bankers of America (ICBA) testifies to the aforesaid fact.
Per the terms of the partnership, ICBA will integrate a few JKHY solutions, namely Banno Business, JHA SmartPay Remote Deposit Now, Synergy Document Management, and Centurion Data Backup and Recovery, into its Preferred Service Provider program.
Further, this partnership will enable ICBA to leverage JKHY’s robust solutions to enhance community banks' digital banking experiences, simplify remote deposit capture, centralize data and improve disaster recovery processes for small-to-medium businesses.
The latest collaboration has added strength to Jack Henry’s customer base.
Apart from ICBA, the company collaborated with the fintech company Pinwheel, enabling the latter to leverage Jack Henry’s digital banking platform, Banno Digital Platform, to make its direct deposit switching solutions accessible across financial institutions.
Further, Pinwheel used Jack Henry's API, design and authenticated frameworks to integrate its technology into the community and regional financial institutions' digital experiences, enhancing the banking experience.
Additionally, Copper State Credit Union also selected Jack Henry as their enterprise technology provider.
Jack Henry's open infrastructure will streamline Copper State Credit Union’s operations and optimize offerings, consolidating existing relationships and tapping into a vast fintech ecosystem.
The company also expanded its customer base with the Legacy Bank & Trust partnership.
Per the terms, Legacy Bank & Trust upgraded its technology stack, utilizing Jack Henry's SilverLake hosted core processing solution, to enhance operational efficiency, improve branch communication, standardize compliance processes, and enhance security, enabling easy market entry and positive user experiences.
Portfolio Strength: Key Catalyst
The company’s growing efforts to enhance its overall portfolio strength in a bid to boost its customer base remain noteworthy.
Notably, Jack Henry introduced Banno Business, a solution that enables community and regional financial institutions to provide modern banking experiences for small-to-medium businesses (SMBs).
Further, Banno Business equips community banks and credit unions with digital tools to support SMBs, offering solutions like cash management, payments and commercial lending, and integrating external accounts with Mastercard for comprehensive financial management.
Jack Henry also launched Jack Henry Financial Crimes Defender, a cloud-native fraud and anti-money laundering solution. The solution aims to help financial institutions combat financial crimes across various channels.
Additionally, the Financial Crimes Defender platform, built on the public cloud, offers real-time detection and prevention of fraud, allowing institutions to stop transactions before they leave the institution or appear in clients' accounts. Its open architecture allows seamless integration of third-party data, improving overall fraud management.
All the above-mentioned endeavors to bolster its portfolio strength will likely aid Jack Henry in strengthening its overall financial performance in the upcoming period.
For fiscal 2024, Jack Henry expects GAAP revenues in the band of $2.215-$2.228 billion. The Zacks Consensus Estimate for the same is pegged at $2.22 billion, implying year-over-year growth of 6.9%.
However, rising headcounts and personnel costs remain concerns for the company. Its shares have gained 4.3% in the year-to-date period, underperforming the Zacks Computer & Technology sector’s growth of 8.7%.
Zacks Rank & Other Stocks to Consider
Currently, Jack Henry carries a Zacks Rank #2 (Buy).
Image: Bigstock
Jack Henry (JKHY) Bolsters Clientele With ICBA Partnership
Jack Henry (JKHY - Free Report) is benefiting from a strong customer momentum driven by its robust product portfolio.
Jack Henry’s recent collaboration with the Independent Community Bankers of America (ICBA) testifies to the aforesaid fact.
Per the terms of the partnership, ICBA will integrate a few JKHY solutions, namely Banno Business, JHA SmartPay Remote Deposit Now, Synergy Document Management, and Centurion Data Backup and Recovery, into its Preferred Service Provider program.
Further, this partnership will enable ICBA to leverage JKHY’s robust solutions to enhance community banks' digital banking experiences, simplify remote deposit capture, centralize data and improve disaster recovery processes for small-to-medium businesses.
The latest collaboration has added strength to Jack Henry’s customer base.
Jack Henry & Associates, Inc. Price and Consensus
Jack Henry & Associates, Inc. price-consensus-chart | Jack Henry & Associates, Inc. Quote
Expanding Customer Base
Apart from ICBA, the company collaborated with the fintech company Pinwheel, enabling the latter to leverage Jack Henry’s digital banking platform, Banno Digital Platform, to make its direct deposit switching solutions accessible across financial institutions.
Further, Pinwheel used Jack Henry's API, design and authenticated frameworks to integrate its technology into the community and regional financial institutions' digital experiences, enhancing the banking experience.
Additionally, Copper State Credit Union also selected Jack Henry as their enterprise technology provider.
Jack Henry's open infrastructure will streamline Copper State Credit Union’s operations and optimize offerings, consolidating existing relationships and tapping into a vast fintech ecosystem.
The company also expanded its customer base with the Legacy Bank & Trust partnership.
Per the terms, Legacy Bank & Trust upgraded its technology stack, utilizing Jack Henry's SilverLake hosted core processing solution, to enhance operational efficiency, improve branch communication, standardize compliance processes, and enhance security, enabling easy market entry and positive user experiences.
Portfolio Strength: Key Catalyst
The company’s growing efforts to enhance its overall portfolio strength in a bid to boost its customer base remain noteworthy.
Notably, Jack Henry introduced Banno Business, a solution that enables community and regional financial institutions to provide modern banking experiences for small-to-medium businesses (SMBs).
Further, Banno Business equips community banks and credit unions with digital tools to support SMBs, offering solutions like cash management, payments and commercial lending, and integrating external accounts with Mastercard for comprehensive financial management.
Jack Henry also launched Jack Henry Financial Crimes Defender, a cloud-native fraud and anti-money laundering solution. The solution aims to help financial institutions combat financial crimes across various channels.
Additionally, the Financial Crimes Defender platform, built on the public cloud, offers real-time detection and prevention of fraud, allowing institutions to stop transactions before they leave the institution or appear in clients' accounts. Its open architecture allows seamless integration of third-party data, improving overall fraud management.
All the above-mentioned endeavors to bolster its portfolio strength will likely aid Jack Henry in strengthening its overall financial performance in the upcoming period.
For fiscal 2024, Jack Henry expects GAAP revenues in the band of $2.215-$2.228 billion. The Zacks Consensus Estimate for the same is pegged at $2.22 billion, implying year-over-year growth of 6.9%.
However, rising headcounts and personnel costs remain concerns for the company. Its shares have gained 4.3% in the year-to-date period, underperforming the Zacks Computer & Technology sector’s growth of 8.7%.
Zacks Rank & Other Stocks to Consider
Currently, Jack Henry carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are CrowdStrike (CRWD - Free Report) , Badger Meter (BMI - Free Report) and AMETEK (AME - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of CrowdStrike have gained 25.7% in the year-to-date period. The long-term earnings growth rate for CRWD is 22.31%
Shares of Badger Meter have gained 0.4% in the year-to-date period. The long-term earnings growth rate for BMI is 12.27%.
Shares of AMETEK have gained 10.4% in the year-to-date period. The long-term earnings growth rate for AME is 9.19%.