Jack Henry Partners Up for Online Financial Management

Bank Technology News | July, 2010

As it looks for ways to tap industry demand for PFM-type solutions, Jack Henry is touting a number of tech products that it’s offering or remarketing under the larger umbrella of online financial management (OFM).

The firm has entered into a pair of strategic partnerships as part of the strategy, one with Intuit to remarket that firm’s FinanceWorks solution and another with Lodo Software to offer the OurCashFlow solution. Jack Henry also signed a remarketing agreement with CashEdge, which provides the standard aggregation service for the OurCashFlow solution.

FinanceWorks helps consumers establish budget goals and see where their money is going in an attempt to gain an insight into spending behavior. Users can also manage upcoming bills and receive a variety of alerts about their financial status. Intuit is working with Jack Henry to develop a single sign-on version that’s expected to be available in the fall of 2010 for financial institutions using Jack Henry’s NetTeller online banking platform.

OurCashFlow is fully integrated with NetTeller, and automatically categorizes transactions, tracks spending habits and savings goals, provides budget information and presents user-defined alerts to consumers via their preferred communication channel.

Pete Hopkins, general manager of Internet Solutions for Jack Henry, said OFM is an acronym that was initially used internally at the tech firm to convey the idea of expanding beyond PFM to convey the broader functionality he says is necessary for consumer and small business money management functions.

Jack Henry embarked on the search for OFM partners after consumer research and a panel of clients that was assembled to assist in the vendor and product evaluations.