Stock Rewards Checking Now Accessible to Financial Institutions Through Bits of Stock and Jack Henry Collaboration

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Jan 09, 2024, 06:30 ET

Partner banks and credit unions can engage and retain a new generation of consumers by offering fractional shares of stock as rewards for everyday debit card activity.

NEW YORK, Jan. 9, 2024 /PRNewswire/ -- Bits of Stock announced today that its Stock Rewards Checking Account is now accessible through the Jack Henry™ digital banking platform Banno.

Bits of Stock leveraged the Banno Digital Toolkit™, the same set of APIs the Banno Digital Platform™ is built on, to embed its technology into the digital experiences offered by community and regional financial institutions. OMB Bank, headquartered in Springfield, Mo., was the first community financial institution to integrate with Bits of Stock powered by the Jack Henry platform.

Access to Jack Henry's API, design and authenticated frameworks has enabled Bits of Stock to directly integrate into the digital banking platform, providing a seamless banking experience. This integration contributes to Jack Henry's growing ecosystem of more than 950 fin-techs, providing approximately 7,500 financial institutions with relevant financial products and services for their account holders.

Bits of Stock enables community financial institutions and credit unions to offer customer rewards in the form of fractional shares of popular publicly traded stocks. The company's mission is to empower its partners to engage and build loyalty with younger generations through stock ownership. Similar to a cash back rewards program, the award-winning Stock Rewards Checking Account is embedded in the financial institution's digital banking experience and rewards debit cardholders with fractional shares of their active stock pick with every swipe.

"There is so much synergy for Jack Henry and Bits of Stock," said Arash Asady, CEO of Bits of Stock. "Both companies are committed to finding innovative ways to empower financial services for consumers at scale."

About Jack Henry & Associates, Inc.

Jack Henry (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fin-techs. For more than 47 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their account holders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

About OMB Bank

Founded in 1999, OMB Bank is committed to making banking better for families, businesses and communities with its best-in-class consumer, commercial, treasury, mortgage and digital banking services. OMB is headquartered in Springfield, Mo., and operates eight full-service branches in Ash Grove, Buffalo, Carthage, Mt. Vernon, Springfield and Walnut Grove as well as lending centers in Springfield and Lenexa, Kan. Please visit www.ombbank.com for more information.

About Bits of Stock

Bits of Stock empowers community financial institutions and credit unions to engage next-gen account holders by rewarding them in fractional shares of stock. Our purpose is to empower you to engage and build loyalty with younger generations through stock ownership. Learn more about how our first-in-class and award-winning Stock Rewards program differentiates and keeps you relevant to the next generation of investors. Please visit www.bitsofstock.com for additional information.

SOURCE Bits of Stock