Jack Henry & Associates Inc. has announced that Hope, Ark.-based First National Bank ($274 in assets) has selected Jack Henry Banking's CIF 20/20 core-processing system to provide enterprise-wide automation. Jack Henry says First National will implement the solution through the company's outsourced offering.
Monica Minter, CFO of First National Bank, says the financial institution chose to move from an in-house to an outsourced processing system so it could concentrate on its core competencies, as well as expansion goals:
We elected to move from in-house processing to outsourcing based on several strategic advantages we expect to realize. Outsourcing will let us leverage Jack Henry Banking's extensive infrastructure and processing environment, which will eliminate the capital expenditures required for in-house systems, the need for resident resources to operate and manage our in-house data center and long-term capacity planning. Outsourcing will also provide our bank with the ability to focus on our core competencies with ongoing access to advancing technology, regulatory compliance and Jack Henry Banking's technology and security experts.
According to Jack Henry, CIF 20/20 is in use at approximately 800 banks, making it the most widely used IBM Power System-based core-processing system in the community bank sector. The solution integrates parameter-driven core functionality with more then 70 complementary products and services, the company says. The product features a browser user interface, open architecture, relational database technology, the ability to support both in-house and outsourced operating environments and a scalable hardware platform, Jack Henry says.
