Jack Henry committed to equipping banks nationwide with Bank On-certified accounts. Bank On National Account Standards were created by national non-profit organisation the Cities for Financial Empowerment Fund (CFE Fund) and are widely supported by consumer advocates as well as the financial services industry.
These accounts are designed to serve the unbanked and underbanked population with modern banking services, including transaction functionalities such as debit or prepaid cards and bill pay. According to the FDIC National Survey of Unbanked and Underbanked Households, millions of Americans still operate their everyday lives and businesses on the side lines of the financial mainstream, according to the official press release.
The Bank On movement aims to extend access and improve financial stability for Americans across the country. More than 40 banks offer Bank On-certified accounts today, including Jack Henry client Indiana, Pa.-based First Commonwealth Bank. Jack Henry will deliver the guidance, tools, and resources support its core bank clients get certification.
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