Machias Savings Bank, founded in 1869, is one of Maine's oldest community banks, with a focus on its commercial portfolio while also serving small business and retail customers. To compete with larger banks and meet customer needs, the bank required a technology strategy that would support its financial services.
Jack Henry's core processing solution will help the bank automate processes and boost efficiency, while business process solutions such as Enterprise Workflow will improve its interactions with larger businesses. The bank will also have access to over 950 API-integrated, third-party fintechs within the Jack Henry ecosystem, allowing seamless integration of preferred vendors.
Peter Greene, executive vice president and chief operating officer of Machias Savings Bank, praised Jack Henry's innovative mindset and its ability to adapt to changing market conditions. The collaboration aims to help the bank operate more efficiently, reduce costs, and meet the evolving needs of its commercial customers.
Jack Henry's technology modernisation strategy, offering service components in the public cloud, aligns with Machias Savings Bank's long-term vision of serving the community for generations to come.
Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions, emphasised that the modernisation efforts would strengthen the bank's connection to a new generation of customers and enable it to remain competitive in its community.
Jack Henry is a financial technology company that fosters connections between financial institutions and the people they serve. With 47 years of experience, Jack Henry helps approximately 8,000 clients with solutions that support strategic differentiation and innovation to meet the evolving needs of their accountholders.
In June 2023 Jack Henry introduced the AI-driven Payrailz Fraud Monitor as part of its Payrailz Digital Payments Platform. The cloud-native feature enhances security for person-to-person (P2P) payments, consumer and business bill payments, and account-to-account (A2A) outbound external transfers.
Utilising AI and machine learning, the system analyses various fraud attributes and indicators, producing an actionable score for each transaction. Financial institutions can customise score ranges based on their risk tolerances. The Fraud Monitor's standout capability lies in its effectiveness against payment fraud, including during account takeover attempts, when fraudsters try to exploit authentic user credentials to swiftly withdraw funds.
In May 2023 the company declared its participation in the launch of the Federal Reserve's real-time payment network, the FedNowSM Service. The company actively engaged in the network's development and is prepared to support the pilot launch with numerous clients and customers.
FedNow enables instant fund transfers between US financial institutions, catering to various use cases and serving as a platform for banks and credit unions to create innovative payment solutions to meet evolving needs.
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