Jack Henry launches the Banno Business solution

Banno Business was designed to enable community and regional financial institutions to provide contemporary banking experiences for small-to-medium businesses (SMBs). 

According to the official press release, community banks and credit unions are well-suited to support SMBs due to their community-focused approach and emphasis on financial health. The same source reveals that these institutions play a vital role in offering SMBs access to essential capital. According to the Independent Bankers Association (ICBA), community banks are major contributors to small business loans. In this context, Banno Business aims to enhance the capabilities of community banks and credit unions, enabling them to serve businesses in their communities effectively by integrating competitive, advanced digital tools into the Banno Digital Banking Platform.

Companies that have adopted the new solution 

High Plains Bank is leveraging Banno Business to attract more SMBs by offering first-to-market services, supporting deposit growth, and enhancing the financial health of local businesses. Representatives from High Plains Bank emphasised the platform's features, stating that they exceed what is typically observed in banks of any size. They also highlighted that Banno Business provides critical tools for community business owners, allowing them to manage employee permissions, streamline money movement, and gain insights into their cash flow.  

Freedom First Credit Union is also adopting Banno Business to strengthen its presence in the community. Representatives from the credit union highlighted the platform's role in being a reliable partner for members, extending support to various aspects of their financial lives, including their businesses. In essence, Banno Business aims to position the credit union to strengthen existing member relationships, attract new business, and diversify its portfolio. 

Banno Business facilitates financial institutions in serving SMBs by bundling business solutions, including cash management, payments, and commercial lending, with embedded payment capabilities, cash flow tools, reporting, and advanced features for business owners to manage their finances efficiently. Through integration with Finicity from Mastercard, businesses can link external accounts to their financial institution, obtaining a comprehensive view of their finances in a centralised platform. 

Officials from Jack Henry explained that Banno Business consolidates the business banking capabilities and partnerships developed over the years into a unified platform. They emphasised the platform's scalability, enabling banks and credit unions to compete effectively across the business spectrum.