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Maine-based Machias Financial savings Financial institution has partnered with Jack Henry to modernize its know-how stack.
Based in 1869, Machias Financial savings Financial institution has $2.4 billion in belongings.
Jack Henry has been a Finovate alum since 2010. Newsweek named the corporate as one in all America’s Best Workplaces in 2023.
One of many oldest banks in Maine, Machias Financial savings Financial institution, has turned to Jack Henry to modernize its know-how stack. The monetary establishment will deploy Jack Henry’s core processing resolution to assist automate processes and enhance effectivity. Machias Financial savings Financial institution additionally will make the most of enterprise course of options like Jack Henry’s Enterprise Workflow, in addition to entry greater than 950 API-integrated, third-party fintechs which might be part of Jack Henry’s ecosystem.
“Jack Henry’s modern mindset positions us properly for a know-how transformation that can assist us keep aggressive all through shifting market and financial situations,” Machias Financial savings Financial institution COO and EVP Peter Greene stated. He added that the partnership will assist the financial institution cut back prices whereas higher serving its industrial prospects, which have been a particular focus for the establishment.
“These modernization efforts will assist Machias Financial savings Financial institution strengthen its connection to a brand new era of shoppers, compete with the large banks, and stay a robust pillar of their neighborhood,” Jack Henry SVP and president of Financial institution Options Stacey Zengel added.
A Finovate alum since 2010, Jack Henry serves neighborhood and regional monetary establishments, offering each internally developed know-how options in addition to integrations with main fintech innovators. With greater than 8,000 shoppers, the Monett, Missouri-based firm presents digital banking, funds, lending, monetary crime, and monetary well being options to assist banks, credit score unions, and different monetary providers corporations innovate sooner and compete extra successfully in opposition to bigger rivals in each finance and tech.
Final month, Jack Henry introduced its assist for the Federal Reserve’s FedNow Service. In June, the corporate launched its real-time cost fraud function – Payrailz Fraud Monitor. The know-how leverages AI and machine studying to establish and assess a number of fraud indicators to supply actionable scores on every cost transaction. The AI-based providing was made doable by Jack Henry’s acquisition of Payrailz in 2022. Along with its partnership with Machias Financial savings Financial institution, Jack Henry teamed up with Platinum Federal Credit score Union in Could; First Neighborhood Financial institution, Dawn Financial institution, and At this time’s Financial institution in April; and digital financial institution Greenpenny in January.
Jack Henry trades on the NASDAQ underneath the ticker JKHY. The agency has a market capitalization of $12 billion.
Machias Financial savings Financial institution was based in 1869. The establishment has $2.4 billion in belongings, and 17 department areas all through Maine. Larry Baker is president and CEO.
Picture by Blue Arauz
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