Business
Jack Henry Expands Credit Card Offering with Agent Program Provided by TIB, N.A. (The Independent BankersBank)
Proven agent program eliminates common barriers deterring some banks and credit unions from offering revenue-generating credit card programs MONETT, Mo., Jan.
About this update from Jack Henry & Associates, Inc.
[{"type":"text","content":"Proven agent program eliminates common barriers deterring some banks and credit unions from offering revenue-generating credit card programs\nMONETT, Mo., Jan. 17, 2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that it is expanding its credit card offering with the Agent Credit Card Program provided by TIB, N.A. (The Independent BankersBank). Texas-based TIB has more than $3 billion in assets and is the nation's largest bankers' bank, based on both total assets and number of clients, currently supporting approximately 1,400 community banks.\n\n \n \n \n \n \n \n\n \nFinancial institutions can utilize Jack Henry for full-service credit processing or perform most of their card functions in-house and connect to the card networks through Jack Henry. With TIB's Agent Credit Card Program, financial institutions now also will be able to issue credit cards without many of the common barriers that have historically deterred them from offering these types of products, including financial, fraud, and operational risks. In addition, they will benefit from higher approval and card usage rates due to the program's relationship-based underwriting process. As their card programs evolve, financial institutions also can choose to purchase and transition their agent portfolio to an in-house, self-managed environment.\nMichael G. O'Rourke, president and CEO at TIB, said, \"TIB is excited to provide Jack Henry with what we believe to be the best Agent Credit Card Program in the country. We are confident this partnership will further our reach into serving more financial institutions and the communities they serve while expanding Jack Henry's product offering. We consider it a partnership of best-in-class providers and a win for community banking.\"\nTede Forman, president of Payment Solutions at Jack Henry, said, \"Credit card programs are a primary source of recurring revenue for financial institutions and a high-demand financial service that enhances our clients' competitive positioning and supports their loyalty and retention goals. There has never been a more critical time for financial institutions to launch a highly competitive credit card program or to modernize their existing programs. Jack Henry is a service-driven, expertise-rich, high-touch provider of modern solutions that can help our clients meet the evolving needs of ...