Jack Henry Launches Centralized Business Banking Solution for Community Banks

Jack Henry has introduced a cloud-native banking solution designed to enable community banks and credit unions to better support small and medium-sized businesses (SMBs).

The new Banno Business solution equips these financial institutions with advanced digital tools that deliver modern banking experiences, the company said in a Thursday (Jan. 25) press release.

“Banno Business centralizes the business banking capabilities and partnerships we’ve created over the years into a single platform,” Julie Morlan, managing director of digital solutions at Jack Henry, said in the release. “We’ve built our platform to be highly configurable and scalable, enabling banks and credit unions to compete across the business spectrum.”

This offering packages cash management, payments, commercial lending and other business solutions with new embedded payment capabilities, cash flow tools, reporting and other advanced features that help business owners control their finances, according to the release.

Through an integration with Finicity from Mastercard, Banno Business also enables business owners to link external accounts to their financial institution so they can gain a complete view of their finances in one place, the release said.

One financial institution that has deployed Banno Business is High Plains Bank, per the release. The bank has found that this solution enables business owners to “easily manage permissions for their employees, simplify their money movement and understand their cash flow,” Brian Otteman, chief experience officer at High Plains Bank, said in the release.

“These are critical tools to empower our community business owners and strengthen our bank,” Otteman said.

Freedom First Credit Union is also launching Banno Business, according to the release.

“We want to be the reliable partner that our members trust to help in all aspects of their financial lives, including their businesses,” Paul Phillips, president and CEO of Freedom First Credit Union, said in the release. “Having a full business solution with the digital user experience that our members know and trust makes for an easy transition into new markets.”

PYMNTS Intelligence has found that there is an enormous opportunity for banks to offer digital supports to small businesses.

Among the supports that are sought by SMBs are payment innovations that offer positive cash flow, a convenient digital platform to access financial services and a financial advisor who can provide the personalized attention they need, according to “Digital Banking Rises to Meet SMB Needs,” a PYMNTS and NCR collaboration.

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