Jack Henry announces new Open Banking strategy for digital transformation

The multi-year strategy centers on the company's ongoing development of a single Open Banking platform that enables access to a broad ecosystem of Jack Henry solutions and third-party fintechs. The initiative builds on Jack Henry's open-API, digital banking platform.

Under the long-term strategy, Jack Henry will provide a single platform of its capabilities plus access to an ecosystem of fintechs and third parties. The company has already integrated more than 850 fintechs into its ecosystem, and it is a platform provider with relationships with all four major financial-data aggregators, which eliminates screen scraping and reduces the financial fragmentation consumers are experiencing, the press release explains.

Jack Henry will continue to evolve and support its existing core systems and complementary solutions as it builds new core component services on the cloud, including new account opening, wire processing, deposit processing, and account servicing over the next several years. The company is currently beta testing the first of these services.