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Jack Henry & Associates Signs 720th Remote Deposit Capture Client

Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that its Remote Deposit Capture solution has now been selected by 720 financial institutions. This innovative solution, which enables commercial customers to scan, submit, and deposit checks electronically without leaving their place of business, has been implemented in 622 of these institutions and by approximately 11,000 merchants.

Jack Henry & Associates’ Remote Deposit Capture solution is sold to the core bank clients supported by its Jack Henry Banking™ division, to the core credit union clients supported by its Symitar™ division, and to financial institutions outside its core client bases by its ProfitStars® division.

The Remote Deposit Capture solution supports virtually any commercial entity that accepts checks as a form of payment. This Web-based electronic payment processing system converts paper-based checks into electronic transactions, processes them through the ACH or Check 21 image exchange networks, automates returned check re-presentment, generates real-time reporting, and supports proactive risk management. One-time payments are also supported with the capabilities to accept checks and bank account information over the Internet and process the resulting transactions in a completely secure environment.

According to Fred Holzapfel, vice president of computer operations for Minnesota-based Anchor Bank, “We’re all acquainted with the price of bricks and mortar, and how much branches cost. That’s one of the reasons we started looking at remote deposit capture. It’s one of the easier products to sell out of all the things our bank offers in our suite of products. We present a very simple cost justification. How long does it take your staff to prepare deposits? How long does it take your staff to drive to the bank? How much is your cost of labor? Multiply it out and after providing that cost justification they want to know where to sign up. Removing the daily trip to the bank or eliminating the need to accumulate checks for a weekly trip to the bank can also significantly reduce the inherent risks. Remote deposit capture is quickly becoming a product that is required in a bank’s suite of products. If you don’t have it and can’t supply it at a reasonable cost many businesses will move on to another bank. This tool has expanded our relationships and our reach. “

David Foss, general manager of ProfitStars, said, “We are excited about the significant growth we are experiencing with our Remote Deposit Capture solution, and the adoption rates among our clients’ commercial customers. During the past 12 months, we have more than doubled the number of financial institutions that have purchased this electronic payment processing solution. The number of merchants using it has increased from approximately 6,400 to more than 11,000 during that same time period, and our financial institution clients are collectively adding more than 700 new merchants each month. We are also excited about the tangible benefits Remote Deposit Capture is generating for our clients. This high-demand commercial service expands their market reach, enhances their competitive position, increases revenue, and improves operating efficiencies.”