News

ProfitStars adds ALM solution to financial performance suite

December 17, 2019

ProfitStars, a division of Jack Henry & Associates Inc., announced Tuesday that it has expanded its financial performance suite to include a cloud-hosted asset liability management solution.

Asset and liability management is the process of managing assets and cash flows to reduce a firm's financial risk from not paying a liability on time. Well-managed assets and liabilities boost profits.

ProfitStars' ALM solution is part of its broader financial management platform, which centralizes traditionally siloed information systems for greater collaboration across all finance, lending and risk functions, according to a company press release.

In Portland, Maine, cPort Credit Union has been working with ProfitStars for more than 15 years and leverages a Jack Henry core platform. The credit union recently began using ProfitStars' new ALM component.

“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," Kelsey Marquis, cPort's senior vice president and chief financial officer, said in the release. "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."