Strategic partnerships with First Data and PSCU enhance processing, fraud monitoring, analytics capabilities
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 Solutions™ group today announced that 66 financial institutions have migrated to JHA Card Processing Solutions™ (CPS), its full service and in-house transaction processing platform. The platform offers a comprehensive suite of card tools for fraud mitigation, digital payments, plastics manufacturing and personalization, loyalty programs, and data analytics.
Scott S. McQueen, vice president of operations at First National Bank of Michigan, commented, “Migrating to the enhanced CPS platform was a success. The transition equips First National Bank of Michigan to improve cardholder services and boost interchange earnings by driving further usage. The suite of comprehensive tools, provided with the service that we trust from a partner like Jack Henry & Associates, positions our card portfolio for continued growth and success.”
New CPS fraud mitigation tools deploy neural network transaction tracking technology along with cardholder and merchant profiling to identify fraud patterns as they occur. Diana M. Sundy, IT officer at Indiana-based State Bank of Burnettsville, explained, “Fraud is a major challenge for card issuers, and the advanced CPS fraud monitoring and mitigation tools have lifted a weight off my shoulders. The migration went smoothly, and adding proactive fraud detection and alerts saves me hours, if not days.”
Jack Henry & Associates has provided competitive card processing products and services for more than 25 years; currently, close to 1,100 financial institutions leverage its card processing solutions. Greg Adelson, vice president of Jack Henry & Associates and general manager of JHA Payment Solutions, added, “CPS provides a single platform for debit, credit, and ATM processing for both bank and credit union portfolios. The solution is tightly integrated to JHA cores and complementary solutions. This offering, combined with JHA’s exemplary service, creates a compelling option for financial institutions to evaluate. We are thrilled with the success of our 66 migrations and the excitement that this has created from both our clients and other industry influencers.”
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