- Maine-based Machias Financial savings Financial institution has partnered with Jack Henry to modernize its expertise 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 certainly one of Americaโs Best Workplaces in 2023.
One of many oldest banks in Maine, Machias Financial savings Financial institution, has turned to Jack Henry to modernize its expertise stack. The monetary establishment will deploy Jack Henryโs core processing answer to assist automate processes and enhance effectivity. Machias Financial savings Financial institution additionally will reap the benefits of enterprise course of options like Jack Henryโs Enterprise Workflow, in addition to entry greater than 950 API-integrated, third-party fintechs which are part of Jack Henryโs ecosystem.
โJack Henryโs modern mindset positions us nicely for a expertise transformation that may assist us keep aggressive all through shifting market and financial circumstances,โ 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 clients, which have been a particular focus for the establishment.
โThese modernization efforts will assist Machias Financial savings Financial institution strengthen its connection to a brand new technology of consumers, compete with the massive banks, and stay a robust pillar of their group,โ Jack Henry SVP and president of Financial institution Options Stacey Zengel added.
A Finovate alum since 2010, Jack Henry serves group and regional monetary establishments, offering each internally developed expertise options in addition to integrations with main fintech innovators. With greater than 8,000 shoppers, the Monett, Missouri-based firm affords digital banking, funds, lending, monetary crime, and monetary well being options to assist banks, credit score unions, and different monetary providers firms innovate sooner and compete extra successfully in opposition to bigger rivals in each finance and tech.
Final month, Jack Henry introduced its help for the Federal Reserveโs FedNow Service. In June, the corporate launched its real-time cost fraud characteristic โ Payrailz Fraud Monitor. The expertise leverages AI and machine studying to determine and assess a number of fraud indicators to supply actionable scores on every cost transaction. The AI-based providing was made doable by Jack Henryโs 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 Group Financial institution, Dawn Financial institution, and At this timeโs Financial institution in April; and digital financial institution Greenpenny in January.
Jack Henry trades on the NASDAQ beneath 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 places all through Maine. Larry Baker is president and CEO.
Picture by Blue Arauz