-- Document delivery system enables financial institutions to compete for payments with historical data, full bill detail and enhanced marketing opportunities --
MONETT, Mo. – June 1, 2016 – Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its JHA Payment SolutionsTM group today announced the availability of expanded iPay Consumer Bill PayTM features and functionality, powered by Inlet™.
Financial institutions today have increasing opportunities to support consumer payments activities and demands. Research indicates that in 2016, more Americans are expected to view bills at a bank or credit union’s website, rather than at a biller’s site. To support this, Jack Henry & Associates has partnered with Inlet, a digital document delivery platform, to bring its 4,000 financial institution eBill customers a detailed, secure and customizable document delivery method that includes all documents a biller would send via mail: statements, bills, marketing material and other sensitive communications, delivered seamlessly across digital channels.
Keeping customers at a financial institution’s site for bills is an important aspect of also driving more payment adoption for that bank or credit union. At the same time, the eBill functionality afforded through this partnership assures billers that going digital will not compromise the quality of customer communications.
California-based SkyOne Federal Credit Union will be one of the first institutions rolling out these capabilities to its 36,000 members nationwide. According to Tom Nakagiri, e-Commerce manager for the $470 million-asset credit union, “Our goal is to help members manage their money with ease, convenience and security, and we’re constantly seeking technological enhancements to accomplish this goal. With the added document functionality on our eBills, we will be able to provide members with a more seamless online bill payment experience. We have been working very closely with Jack Henry & Associates to be more involved in our members’ payment activities, attract new eBill payers and become a center of commerce for all members.”
All materials are biller-branded and housed in the financial institution’s bill pay site with dedicated sections for marketing and customer support. Bills are delivered in a PDF format and historical records may be available for up to seven years. These measures will ultimately increase paperless adoption and engagement, while reducing the overall cost of customer support and the time traditionally needed for payment delivery.
Chuck Cordray, CEO at Inlet, explained, “Our mission at Inlet is to allow consumers to access important documents through the digital channels they already use, while providing companies with a secure, customizable space to build relationships. Collaborating with Jack Henry & Associates enables thousands of financial institution bill pay providers to differentiate their digital services and improve marketing communications. It is a prime example of the innovations financial institutions need to better compete against non-bank entities and own the full payments lifecycle.”
Greg Adelson, general manager of Jack Henry & Associates’ Payment Solutions group, added, “Our goal is to enable financial institutions to power their customers’ entire payments process; by no means should it be easier to go to a retailer or utility site for a payment. Bills are one of the more frequent and consistent aspects of consumers’ finances. This partnership with Inlet and the resulting eBill enhancements make the bill pay process easier and more efficient, ultimately driving customer engagement and loyalty.”
About Inlet LLC
Inlet, a joint venture between Pitney Bowes and Broadridge Financial Solutions, is a technology platform that enables the seamless distribution of digital documents between providers and consumers. Through Inlet’s exclusive capabilities, consumers get access to their important bills, statements and more through the online channels they already use and trust. Providers benefit from stronger customer engagement, faster payments, higher paperless adoption rates and better customer service. Inlet reaches millions of consumers through partnerships with personal cloud storage providers, banks and credit unions, digital mailboxes and payment app solutions. For more information, visit www.InletDigital.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its solutions serve almost 10,800 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company’s financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from any forward-looking information.