MONETT, Mo., May 12, 2015 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that more than 600 financial institutions are leveraging its Remote Deposit Anywhere™ (RDA) solution.
ProfitStars' Remote Deposit Anywhere enables banks and credit unions to offer individuals and small businesses the option to deposit checks from a compatible smartphone, camera-enabled tablet device, or flatbed scanner. According to an annual study by the Federal Reserve Board, the use of mobile phones to access bank accounts, credit cards, or other financial accounts continued to increase among adults in the United States last year. The study also found that 51 percent of mobile banking users reported depositing a check using their mobile phones, up from 38 percent a year earlier.
"Mobile remote deposit is a necessary service for any competitive institution," said Amanda Horton, cash management manager at $5.6 billionSimmons First National Bank. "Not only does ProfitStars give us the ability to best serve diverse customer needs through Remote Deposit Anywhere, Jack Henry & Associates supports us with an integral product offering for our consistently expanding customer base."
Simmons First National Bank has experienced a substantial increase in Remote Deposit Anywhere users and expects that trend to continue. The Pine Bluff, Ark.-based bank received $3.3 million in mobile deposits during the first quarter of 2015, reaching nearly half of its 2014 total. It currently has 4,900 active customers and anticipates that this number could double by the end of 2015 due to acquisitions and organic growth. Horton added, "We expect significant continued growth and are glad we implemented this cloud-based ProfitStars solution to handle our ongoing requirements."
Remote Deposit Anywhere's image processing technologies improve accuracy by correcting distortions in check images. Deposit data processed through Remote Deposit Anywhere is protected by 256-bit encryption, helping ensure that bank account data is protected. Additional security measures include duplication prevention, deposit limits, and audit trails.
Bill Phillips, group president of Jack Henry & Associates' Enterprise Payment Solutions, commented, "Remote Deposit Anywhere's strong and growing market share is evidence of its quality, service, and marketplace demand. Superior solutions and unparalleled support are among the reasons that a growing number of institutions rely on Jack Henry & Associates as the digital payments provider of choice."
About ProfitStars
As a diverse, global division of Jack Henry & Associates, Inc.® (JHA), ProfitStars® combines JHA's solid technology background with the latest breakthroughs in six performance-boosting solution groups - Financial Performance, Imaging, Payment Solutions, Information Security & Risk Management, Retail Delivery, and Online & Mobile. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve almost 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar 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. 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.
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SOURCE Jack Henry & Associates, Inc.
