July 18 - Jack Henry & Associates Inc. (NASDAQ: JKHY) is a provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars division has announced the addition of its remittance solutions to its Preferred Service Provider relationship with the Independent Community Bankers of America.
This agreement adds RemitPlus Remittance/Lockbox as well as RemitCentral and RemitWeb to the small business lending, remote deposit capture, website design and hosting, and security services ProfitStars already provides ICBA member banks at exclusive discounted rates.
ProfitStars' RemitPlus is a highly scalable electronic payment processing solution that expedites the posting of payments to any accounts receivable system. The solution reads data from the remittance documents and uses CAR/LAR technology to identify the customer account and transaction amounts, and then produces a file for importing directly into a business' A/R system. RemitPlus also generates a compliant electronic deposit of the payments to the business' bank account through the ACH or Check 21 network, allowing deposits to be credited within 48 hours. It reduces the time, resources, and expense of posting recurring payments to accounts receivable systems while increasing on-time collections and cash flow, lessening float and check processing fees, and improving accuracy.
Joaquin Lopez, senior vice president and chief operations officer for Texas-based First Community Bank, NA, explained, "As a result of implementing RemitPlus, we have taken a process that used to take several hours to complete to now require less than one. Our customers benefit from same-day access to information rather than waiting on the mail or paying for an expensive courier service."
Dan Clancy, ICBA executive vice president of services, said, "We must provide our member banks with the services to compete effectively for and maintain their small business banking relationships. Adding ProfitStars' scope of remittance solutions is a smart extension of the RDC and other small business-oriented services."
To complement RemitPlus, ProfitStars' RemitCentral enables electronic and paper payments to be processed on a single platform, reconciling payments from multiple sources and aggregating them for scanning and posting to a business' accounts receivable system. RemitWeb enables the lockbox end users to research and view images, download their accounts receivable posting files, and review details of transactions processed through RemitPlus.
According to David Foss, president of ProfitStars, "ProfitStars is committed to meeting critical business needs for ICBA member banks, and we continue to earn their approval for a variety of our solutions. Our scalable remittance and lockbox capabilities are designed to better meet the needs of the regional and small community banks, offering each one the advantage of sophisticated payment solutions. With this partnership, more banks can generate new efficiencies that extend down to their customers."
Select ProfitStars solutions have been ICBA preferred services since 2005. They extended the agreement last year to offer member banks exclusive discounts on solutions including ProfitStars' BusinessManager, Enterprise Payments Remote Deposit Capture Processing Services, and Gladiator Phishing and Defense Service.
As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in four performance-boosting solution groups – Financial Performance, Imaging and Payments Processing, Information Security and Risk Management, and Retail Delivery. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
About Jack Henry & Associates Inc.
Jack Henry & Associates Inc. (NASDAQ: JKHY) is a provider of technology solutions and payment processing services primarily for financial services organizations. Its solutions serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar is a provider of information processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. iPay Technologies operates as an electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. Additional information is available at www.jackhenry.com.