Business
Jack Henry & Associates Launches Core-Integrated Accounts Receivable Financing
SilverLake System integration with BusinessManager allows banks to provide business customers with more transparency, faster access to funds MONETT, Mo.,
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"SilverLake System integration with BusinessManager allows banks to provide business customers with more transparency, faster access to funds\n\n\nMONETT, Mo., March 10, 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. Today the company announced that BusinessManager® has been fully integrated into the SilverLake System® core platform to streamline accounts receivable (A/R) financing. This integration allows financial institutions to provide funding to their business customers with increased speed, efficiencies, and accuracy. \nThere are more than 30 million small businesses in the United States and the majority cite cashflow as the biggest challenge they face. BusinessManager enables financial institutions to purchase small and medium-sized businesses' accounts receivables at a discount, providing immediate access to working capital for the business and creating strong fee income opportunities for the institution. By integrating BusinessManager with the SilverLake core platform, banks can automate some of the last remaining manual aspects of the A/R financing process to boost efficiencies and increase transparency. \nChattanooga, Tenn.-based First Volunteer Bank has 24 branches throughout Tennessee and northwest Georgia. The $1 billion-asset bank has been leveraging Jack Henry's A/R financing capabilities for more than 20 years and recently leveraged the integration of the program with its core platform. Logan Harper, banking officer of First Volunteer Bank, said, \"Our longtime partnership with Jack Henry and use of BusinessManager allows us to provide our business customers with the funding necessary to grow and thrive. We previously had to manually enter information into our core platform at the end of each day, creating the potential of costly human error. When you're crediting hundreds of thousands of dollars to an account, that's a big risk. With the integration, entries are now made automatically, improving accuracy and saving a significant amount of employee time. Reporting is also easier and more immediate than ever before.\"\nLandmark Community Bank has about $1 billion in assets and serves communities throughout Memphis and Nashville, Tenn. The bank has partnered with Jack Henry...