MONETT, Mo., Feb 15, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that it is experiencing rapid adoption of Opening Act, its recently introduced online origination solution for deposit accounts and consumer loans. Fifteen of Jack Henry's financial institution clients have contracted to implement Opening Act.
Tony Wormington, president of Jack Henry & Associates, said, "Today's convenience-driven consumers expect their financial institutions to host Internet banking sites that allow them to securely access their accounts, initiate transactions, and conduct research 24-hours-a-day, seven-days-a-week. Jack Henry's suite of Internet banking solutions enables our clients to satisfy these expectations, and ultimately enhance customer service and convenience, and their competitive positioning. Opening Act, a production-proven addition to our Internet banking platform, is a Web-based origination system that enables consumers to seamlessly originate deposit accounts, consumer and mortgage loans, and credit cards."
California-based Farmers & Merchants Bank of Long Beach is among Jack Henry's clients currently implementing Opening Act. According to Robert Graham, senior vice president of Information Systems, "F&M has a strategic initiative to leverage the Internet channel to increase deposits, to cross sell additional products and services to our existing customers, to attract new customers, and to compete more aggressively with national and Web-based banks in our marketplace. After being introduced to Opening Act at the most recent Jack Henry users group meeting, we were convinced that it will effectively and efficiently support this initiative by enhancing our Internet presence with a distinct online service. It also will support our customers and our CSRs with easy-to-use functionality, and provide integration with our SilverLake(R) core processing system and our Internet banking platform. We expect Opening Act will become a strategic component of our dynamic e-commerce strategy."
Opening Act is available through Jack Henry's exclusive remarketing agreement with MeridianLink. Opening Act is now being cross sold to Jack Henry's existing bank clients and to the credit unions served by its Symitar(TM) subsidiary. It is also being sold under Jack Henry's ProfitStars(TM) brand to virtually any financial services organization regardless of asset size, charter, or core processing system.
About Opening Act
Opening Act is a Web-based origination system that enhances Internet banking sites with the capabilities to securely and seamlessly originate deposit accounts, consumer and mortgage loans, and credit cards. The system's deposit account origination capabilities include multiple identity verifications, credit and OFAC checks, and queries against check history. Funds can be immediately transferred into new deposit accounts via ACH, debit cards, and credit cards. Pre-filled documents and signature cards are automatically generated, as well as "switch kits" that allow customers to close accounts with other institutions, and designate new accounts for direct deposits and electronic bill payments. Opening Act's loan origination capabilities allow customers to apply for credit cards and auto, consumer, home equity, and mortgage loans online. The sophisticated pre-qualifying engine analyzes loan and credit data real-time, and typically generates lending decisions in 10 to 15 seconds. This system interfaces with Fannie Mae Desktop Underwriter, Freddie Mac Loan Prospector, and AVM; validates flood report, title, and tax information; and provides a credit analyzer to help customers improve their credit ratings.
About Farmers & Merchants Bank
Celebrating their 100th year Farmers & Merchants Bank of Long Beach employs approximately 600 employees throughout its 22 branches in Los Angeles and Orange counties. The bank specializes in commercial and small business banking along with business loan programs up to $55 million. F&M is one of the strongest banks in the country as measured by a variety of industry measurements.
About Jack Henry & Associates
Jack Henry & Associates, Inc. is a leading provider of integrated technology solutions and data processing services for financial institutions. Jack Henry markets and supports its systems throughout the United States, and has more than 8,700 customers nationwide. For additional information on Jack Henry, visit the company's Web site at http://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.
analysts, Kevin D. Williams, Chief Financial Officer, or investor relations, Jon Seegert, Director of Investor Relations, both of Jack Henry & Associates, Inc., +1-417-235-6652
http://www.jackhenry.com/
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