Jack Henry Wins 2020 FinTech Breakthrough Award for Best Banking Infrastructure Platform

JHA OpenAnywhere offers a digitally optimized, frictionless account opening experience

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Jul 07, 2020, 08:00 ET

MONETT, Mo., July 7, 2020 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Jack Henry announced today that JHA OpenAnywhere^TM received the Best Banking Infrastructure Platform Award from FinTech Breakthrough, an independent organization that recognizes the top companies, technologies, and products in the global fintech market.

The FinTech Breakthrough Awards acknowledge fintech innovators and leaders from around the world in a range of categories, including personal finance, lending, payments, investments, regtech, and insurtech. The organization evaluates and selects "breakthrough" solutions and companies with more than 3,750 nominations submitted this year.

JHA OpenAnywhere addresses the high and growing demand for modern consumer and business online account opening. Many community and regional institutions struggle because of the tedious amount of paperwork and manual data entry required to open an account. Built with user experience in mind, the solution was designed to be responsive and adaptable on any device, enabling existing and prospective account holders to open accounts in minutes. It strategically supports financial institutions' digital reinvention, creates a competitive advantage and presents opportunities for banks and credit unions to win more business and increase deposits.

Before using JHA OpenAnywhere, Arizona Federal Credit Union spent 30 minutes of members' time opening new accounts, in addition to a lot of manual manpower behind the scenes. The credit union went live with the service before the pandemic, successfully averaging 300 digital account applications a month. Digital account opening more than doubled during the Spring, and Arizona Federal was prepared to manage the heightened volumes with ease. Erica Storch, digital branch manager at Arizona Federal Credit Union, commented, "JHA OpenAnywhere is so easy and user-friendly that members and new prospects took right to it, and our employees quickly transitioned their focus to building relationships over a digital environment. This is a very strategic service that served us well for the pandemic and will continue to be integral to our plans for helping members."

JHA OpenAnywhere seamlessly integrates with Jack Henry's core platforms which expedite and streamline deployment. It also integrates with a wide range of identity verification and security services and supports multiple account funding methods, such as account transfers, ACH, debit/credit cards, and in-branch funding. Its dynamic rules engine enables institutions to fully customize their account opening workflow, providing control without the need for technical resources or assistance. Personal information can be automatically populated through Optical Character Recognition (OCR) and bar code scanning to further speed and simplify the account opening process.

Greg Adelson, chief operating officer of Jack Henry & Associates, added, "Today's world demands modern digital services and traditional account opening can test consumers' patience and feel outdated. Providing a sophisticated account opening solution like JHA OpenAnywhere helps financial institutions compete for deposits and market share while elevating the customer or member experience and strengthening digital relationships. We are proud to once again be recognized for our breakthrough solutions that enable institutions to be available at their consumers' moments of need."

The FinTech Breakthrough Awards are open to individuals, companies, and organizations that create fintech products and services. Last year, Jack Henry's ProfitStars^® division received the Best Lending Platform Award for its Commercial Lending Center Suite™. For more information, visit www.fintechbreakthrough.com.

About Jack Henry & Associates, Inc.^®

Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking^® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar^® provides industry-leading solutions to credit unions of all sizes; and ProfitStars^® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.

SOURCE Jack Henry & Associates, Inc.