ProfitStars Enhances Financial Performance Suite to Enable S
MONETT, Mo., Dec. 17, 2019 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that it has expanded the Financial Performance SuiteSM to include an integrated, cloud-hosted asset liability management (ALM) solution for banks and credit unions to more proactively and effectively manage risk.
ALM is the most important aspect of an institution's risk management framework. ProfitStars' cloud-hosted ALM solution integrates both sides of the balance sheet to more successfully and accurately manage interest rate, market, and liquidity risk, enabling institutions to be more strategic in their risk management approach. It is part of the broader Financial Performance Suite, a financial management platform that centralizes traditionally siloed information systems to enable greater collaboration across all finance, lending and risk functions. By allowing individuals from accounting, finance, lending and marketing to access valuable tools and information in one place, the suite helps to increase efficiency as well as transparency between departments for smarter decision making.
Portland, Maine-based cPort Credit Union has partnered with ProfitStars for more than 15 years and leverages a Jack Henry core platform. The credit union recently began using the suite's new ALM component. Kelsey Marquis, senior vice president and chief financial officer of the credit union, stated, "Processes that used to be manual, such as liquidity functions, are now automated and streamlined, creating new efficiencies for us and reducing the risk of human error. The expanded functionality can help our credit union more easily account for market variances or compare different scenarios to gauge the potential for risk and determine the path to greatest profitability. Plus, the solution is extremely intuitive and user friendly, which made the onboarding experience seamless and minimized training time."
The ALM component works in tandem with the suite's financial reporting and forecasting functionality, allowing institutions to simplify balance sheet planning and projections while providing a comprehensive, flexible budgeting system. Such integration streamlines and simplifies the strategic planning process and helps ensure financial performance data remains consistent and actionable.
Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars, commented, "As the financial industry continues to move toward agile information delivery systems, it will become even more important to enable open communication and visibility between the finance, lending and risk departments. With our enhanced financial management platform and scalable, cloud-hosted ALM solution, our bank and credit union partners will be able to strengthen risk management, optimize profitability and reduce their regulatory burden with confidence."
ProfitStars®, a division of Jack Henry & Associates, Inc.®, helps financial institutions of every asset size and charter, and diverse corporate entities, proactively identify and prepare for risks and market changes that could negatively impact their business. ProfitStars' industry-leading solutions and services include JHA Payment Solutions™, Information Security & Risk Management, Online & Mobile, Lending, Financial Performance, and Imaging/Data Management. These solutions help approximately 9,000 clients mitigate and control risks, optimize revenue and growth opportunities, contain costs, and drive future success. Additional information is available at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ: JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves more than 9,000 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
SOURCE Jack Henry & Associates, Inc.