Jack Henry & Associates Introduces Online Financial Management (OFM) Solutions
- Proven OFM Solutions Transform Financial Institutions' Web Sites into Financial Management Hubs -
MONETT, Mo., July 20 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced two strategic partnerships that will support its bank and credit union customers with proven, functionally distinct online financial management (OFM) solutions. Jack Henry & Associates is now remarketing the FinanceWorks™ solution provided by Intuit Financial Services and the OurCashFlow solution provided by Lodo Software, Inc. Jack Henry & Associates also signed a remarketing agreement with CashEdge who provides the standard aggregation service for the OurCashFlow solution.
Pete Hopkins, general manager of Internet Solutions for Jack Henry & Associates said, "OFM is an internal acronym that we used for online financial management during our research and discussions. As we began conceiving the right solution in our minds, personal financial management or PFM was too limited in scope, and did not convey the comprehensive functionality necessary for consumer and small business money management solutions."
Based on industry research that indicated consumers want more control of their own finances and one central location to view multiple accounts, Jack Henry & Associates began its search last year for a solution that would put more money management capabilities in the hands of the consumer. A panel of existing clients was assembled to assist in the vendor and product evaluations, and both the FinanceWorks and OurCashFlow solutions were identified as the most comprehensive financial management applications.
Hopkins continued, "While it is highly unusual for Jack Henry & Associates to offer two similar solutions, we felt it was important to give our diverse clients a choice. The FinanceWorks and OurCashFlow solutions offer superior functionality, and while there are functional distinctions, both solutions support personal and small business accounts, budgeting, internal and external account aggregation, and categorization."
Intuit – FinanceWorks™
FinanceWorks™ is a feature-rich OFM solution provided by Intuit Financial Services and recognized as the leading solution delivered through banks and credit unions. Powered by Quicken®, FinanceWorks helps consumers establish budget goals, see where their money is going so they can get better insight into their spending behavior, make better financial decisions, and save more. FinanceWorks users can also manage upcoming bills regardless of how they are paid, receive a variety of alerts about their financial status via e-mail, and track their net worth all through a secure log-in to their financial institution's online banking site. The solution can be fully integrated with Intuit's Internet banking platform. Intuit is also working with Jack Henry & Associates to develop a single sign-on version expected to be available in the Fall of 2010 for financial institutions using Jack Henry & Associates' NetTeller Online Banking™ platform.
Lodo Software, Inc. – OurCashFlow (OCF)
OurCashFlow is fully integrated with the NetTeller Online Banking solution, has a very similar look and feel, and will be seamlessly accessible to users from a dedicated tab within NetTeller. OurCashFlow automatically categorizes transactions, tracks spending habits and savings goals, provides budgeting information, and presents user-defined alerts to the consumer via their preferred communication conduit. Through this comprehensive solution, consumers and small businesses can easily access their accounts at the financial institution offering the service and obtain information about accounts held at other institutions, as well as view and manage the data in an easy-to-use consumer dashboard. The solution uses CashEdge as the standard aggregator and can also be implemented without the aggregation component, providing an attractive alternative for institutions wanting an OFM-lite solution. The OCF architecture allows easy customization so financial institutions can private-label the solution and integrate it into their online banking site. The functionality to build targeted marketing and sales campaigns using business and customer data represents a competitive distinction for the product. General availability is scheduled for October 1, 2010.
Debbie Wood, general manager of Marketing and Strategic Initiatives, said, "Our clients that have previewed the OurCashFlow system are thrilled with its intuitive functionality and integration with our NetTeller platform. We believe it provides the competitive advantages that are needed in this economic environment, and transforms financial institutions' Web sites into financial management hubs."
CashEdge® – AllData® Aggregation
CashEdge's AllData account aggregation solution powers the OurCashFlow system by delivering consolidated financial account information for users. The financial data is aggregated from more than 12,000 sources, including banking, credit unions, investments, retirement, insurance, credit cards, mortgages, and annuities. Account aggregation is the underlying engine that powers OFM solutions, ensuring users have an accurate, real-time, and complete view of their financial picture for use with the available online financial tools, such as budgeting, expense categorization, and spending tracking. By offering customers and members the ability to access all their financial information in one place and the tools to leverage this data for better decision making, financial institutions can take a central role in their customers' financial lives, building stronger, more meaningful relationships.
CashEdge has been a long-time business partner with iPay Technologies and supports the company's online bill pay customers with an eBill presentment service that enables consumers to receive bills electronically. iPay was acquired by Jack Henry & Associates in June 2010.
About Intuit Financial Services
Intuit Financial Services (formerly Digital Insight) helps banks and credit unions grow by making it easier for consumers and businesses to manage their money. As a division of Intuit Inc, Intuit Financial Services' portfolio of on-demand solutions and services are built on insights gained over three decades working with customers and creating innovative offerings that anticipate their needs.
Intuit, the Intuit logo, Intuit Financial Services, Digital Insight, FinanceWorks and Quicken, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
About Lodo Software, Inc.
Lodo Software helps banks, credit unions, and thrifts drive revenue and enhance customer loyalty using personal finance management tools. The company's signature product line, OurCashFlow, includes a PFM solution designed to be bank-branded and adopt the look and feel of existing Web sites. An accompanying FI Dashboard organizes and analyzes customer information and streamlines the delivery and measurement of cross-selling campaigns. In addition to financial institutions, core bank processors can use OurCashFlow, integrating it with their online banking solutions to offer added value to their clients. Lodo Software is headquartered in Omaha, Neb., with product development operations based near Denver, Colo. The company's CEO, Mark Vipond, is a 25-year veteran of the banking software industry, while Lodo's founders have nearly 50 years of combined expertise in software design and development, public accounting, and business consulting. Additional information is available at www.Lodosoftware.com.
About CashEdge, Inc.
CashEdge's AllData, the only premium account aggregation service that delivers a complete view of a person's financial picture to power better-informed financial decisions across the financial spectrum and provide institutions with stronger, more meaningful customer relationships and opportunities for additional revenue. Scalable, flexible, and highly secure, AllData provides a complete view of a person's financial picture, delivering aggregated data from more than 12,000 sources, including banking, credit unions, investments, retirement, insurance, credit cards, mortgages, and annuities. CashEdge is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,800 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking™ supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar™ is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. iPay Technologies operates as a leading electronic bill pay provider supporting more than 3,600 banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.
Share this article