Jack Henry Improves Paycheck Protection Program Loan Solution, Helps Banks and Credit Unions Support Local Businesses
MONETT, Mo., January 8, 2021 / PRNewswire / – Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of payment processing technology solutions and services primarily for the financial services industry. Jack Henry loan extended its Paycheck Protection Program (PPP) loan solution with a digital borrower-oriented interface to capture the request and supporting documents. The company also provides an additional broker option for institutions that make the strategic decision to refer PPP loans, enabling them to meet the needs of their community by accepting loan applications online which are then decided and funded by a trusted lender. Jack Henry without any exchange of funds. or fees.
The next round of stimulus will provide a $ 284 billion in PPP financing to help small businesses survive the protracted economic challenges resulting from the pandemic. Jack Henry’s new self-service interface makes it easy and convenient for small business borrowers to enter and download required information online. The solution then streamlines information directly through a financial institution’s SBA and core, saving time and eliminating the need for redundant data entry. The comprehensive, end-to-end PPP offering also includes built-in fraud and risk controls.
Terry renoux, Group Chairman Jack Henry Lending, said: “The impact of the pandemic on small businesses is long lasting; this latest round of PPP loans is needed to help many businesses survive. At Jack Henry, we’re committed to helping banks and credit unions get those funds to those who need them, and making the experience as seamless as possible.Our expanded PPP loan offering delivers an automated digital approach that enables financial institutions to handle large volumes faster and more efficiently, and we can now help bankers who want to support their local communities but are unable to manage loans themselves.
Last year, Jack Henry helped around 400 banks and credit unions facilitate more than 70,000 loan applications with a total of $ 6.5 billion in requests from small businesses seeking help under the PPP. With this updated offering, banks and credit unions will be able to continue serving the needs of their communities with even greater efficiency and enhanced digital experiences. Visit the Jack Henry Lending CARES Act Support Page to learn more.
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 serving approximately 8,700 clients nationwide through three divisions: Jack Henry Bank® supports banks ranging from community banks to multi-billion dollar institutions; Symitar® provides cutting-edge solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of all asset sizes, as well as to various corporate entities outside the financial services industry. With a legacy of dedicated openness, partnership and user orientation for over 40 years, we are well positioned as a driving force in the market for digital solutions and payment processing services ready for the customer. to come up. We give our customers and consumers human-centered, technology-driven and knowledge-driven solutions that will get them where they want to go. Are you ready for the future? Further information is available at www.jackhenry.com.
Statements made in this press release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. More 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, is included in its filings with the Securities and Exchange Commission (SEC) on Form 10-K, and potential investors should consider these statements. Finally, there may be other factors not mentioned above or included in documents filed by the Company with the SEC that may cause actual results to differ materially from any forward-looking information.