Jack Henry strengthens PPP lending technology
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of payment processing technology solutions and services primarily to the financial services industry.
Jack Henry Lending has extended its Paycheck Protection Program (PPP) loan solution with a digital interface for the borrower to capture the request and supporting documents. The company also provides an additional broker option for institutions that make the strategic decision to refer PPP loans, enabling them to meet the needs of their community by accepting loan applications online which are then decided and funded through a trusted lender Jack Henry without any exchange of funds. or fees.
The next stimulus round will provide an additional $ 284 billion in PPP funding to help small businesses survive the protracted economic challenges resulting from the pandemic. Jack Henry’s new self-service interface makes it easy and convenient for small business borrowers to enter and download required information online. The solution then streamlines information directly through a financial institution’s SBA and core, saving time and eliminating the need for redundant data entry. The comprehensive, end-to-end PPP offering also includes built-in fraud and risk controls.
Terry Renoux, President of the Jack Henry Lending Group, said: “The impact of the pandemic on small businesses is long lasting; this latest round of PPP loans is needed to help many businesses survive. At Jack Henry, we’re committed to helping banks and credit unions get those funds to those in need and make the experience as smooth as possible. Our expanded PPP loan offering offers an automated digital approach that enables financial institutions to manage large volumes faster and more efficiently. And now we can help bankers who want to support their local communities but are unable to manage loans themselves.