Categories: B2B Payments

Jack Henry Launches AR Financing For Banks

Technology solutions and payment processing company Jack Henry & Associates has announced that BusinessManager has been integrated in the SilverLake System, with the purpose of streamlining accounts receivable (AR) financing, according to a press release.

According to Jack Henry, the SilverLake System is a banking platform that provides automation designed for commercial banks of all sizes.

The integration is going to allow for financial institutions to give their business customers funding with more speed, accuracy and efficiency, according to the release.

“There are more than 30 million small businesses in the United States, and the majority cite cashflow as the biggest challenge they face,” the release stated. “BusinessManager enables financial institutions to purchase small- and medium-sized businesses’ [SMBs’] accounts receivables at a discount, providing immediate access to working capital for the business and creating strong fee income opportunities for the institution.”

The integration is going to let banks automate some of the last manual processes of AR financing to improve efficiency and transparency.

First Volunteer Bank has 24 branches through Tennessee and Georgia. The bank has been using Jack Henry’s AR financing processes for over 20 years, and it recently leveraged it with its core platform.

“Our longtime partnership with Jack Henry and use of BusinessManager allows us to provide our business customers with the funding necessary to grow and thrive,” said Logan Harper, banking officer at First Volunteer Bank, in the release. “We previously had to manually enter information into our core platform at the end of each day, creating the potential of costly human error. When you’re crediting hundreds of thousands of dollars to an account, that’s a big risk. With the integration, entries are now made automatically, improving accuracy and saving a significant amount of employee time. Reporting is also easier and more immediate than ever before.”

Russ Bernthal, vice president of Jack Henry and president of ProfitStars, said the software has led to more relationships with customers.

“By better serving [SMBs] we are better supporting our communities,” Bernthal said in the release. “With BusinessManager, we’ve been able to create new revenue opportunities for our bank while strengthening our relationships with business customers and providing them with the financial resources necessary to scale their operations. Since integrating the program with our core platform, the process is more automated and streamlined for us and more transparent for our customers. Businesses used to have to call and ask if we’ve funded their accounts yet, but now they can immediately see the money in their accounts. This saves time for all parties involved.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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