Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that the Remote Deposit Capture Solution provided by its ProfitStars division has now been selected by 350 banks. Implementation of this solution has been completed in 266 of these banks, enabling deposited checks to be truncated at commercial customer locations.
ProfitStarsâ industry-leading Remote Deposit Capture solution, which is marketed to financial institutions regardless of their core information processing 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. This innovative solution also supports one-time payments by accepting check and bank account information over the Internet and processing the transactions in a totally secure environment.
According to Leton Harding, executive vice president of Virginia-based First Bank & Trust, âOur decision to implement ProfitStarsâ Remote Deposit Capture solution supports our bankâs fundamental commitment to provide highly competitive, convenience-driven financial products and services. Remote deposit capture enables us to put our bank on the desk of our commercial customers, and seamlessly offer them a hybrid solution that combines the flexibility and immediacy of electronic payments with the ability to accept checks. The ability to immediately capture check images and data, and to truncate checks at remote points-of-deposit generated operational and service-related benefits day-one that increase exponentially with every commercial customer that adopts our remote deposit capture solution.â
David Foss, general manager of ProfitStars, reported, âWe are excited about the material growth we are experiencing with our Remote Deposit Capture solution, as well as its rapid adoption among our bank clientsâ commercial customers. During the past 12 months, we have added approximately 300 banks to our client roster, implemented the solution in more than 200 banks, and shipped more than 6,400 check scanners to our clientsâ commercial customers. The adoption rate among our bank clientsâ customers also is growing rapidly. During each of the past three months, approximately 350 of our bank clientsâ commercial customers have implemented our Remote Deposit Capture solution.â
Jack Prim, CEO of Jack Henry & Associates, said, âThe tangible benefits that our Remote Deposit Capture solution is generating for our clients ultimately increases bank revenues and improves operating efficiencies by reducing the costs related to business deposit preparation, validation, transportation, and processing. Our Remote Deposit Capture solution also enables banks to provide a highly competitive and high-demand service that enables their commercial customers to conveniently scan, submit, and deposit all of their checks electronically without leaving their place of business.â