Jack Henry & Associates receives XCelent award for AML solution
Yellow Hammer BSA recognized by Celent for depth of client service and support
MONETT, MO (February 27, 2019) — Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today the company announced that its Yellow Hammer BSA™ solution has been recognized by Celent, an international technology research firm, with an XCelent award in the “Anti-Money Laundering Solutions for Smaller Financial Institutions: 2019 ABCD Vendor View” report. The report, an in-depth analysis of anti-money laundering (AML) solutions, acknowledged Yellow Hammer as the winner of its XCelent Service award.
Yellow Hammer BSA streamlines and centralizes the monitoring and reporting of financial activities for Bank Secrecy Act (BSA) compliance. The solution automates previously manual and paper-based data monitoring, recordkeeping and reporting for financial institutions, saving significant employee time and reducing the risk of costly human error. Yellow Hammer BSA received the XCelent Award for Service based on Jack Henry’s depth of client support and positive client experiences post-implementation.
Neil Katkov, Head of Celent’s Risk and Compliance practice and author of the report, stated, “Anti-money laundering software solutions are crucial for AML compliance at financial institutions and other firms involved in funds transfer and value exchange. At the same time, rising compliance costs, intractable operational bottlenecks, the burden of false positives, and other operational trends are posing distinct challenges to both financial institutions and the AML software systems on which their compliance operations depend … AML software continues to evolve. Solution providers have been responding to demands for new functionality driven by financial institutions and regulators alike.”
Yellow Hammer BSA has proven to be the leading choice for small and mid-tier banks looking to gain efficiencies and boost accuracy in their transaction monitoring and reporting. In the report, customers specifically highlighted the solution’s case management functionality, configurability and user management as key favorable aspects of the solution. More than 500 financial institutions currently leverage Yellow Hammer BSA for compliance management. Yellow Hammer BSA is one of many comprehensive risk mitigation and compliance management tools that Jack Henry & Associates offers its clients, enabling them to better protect themselves and their customers.
Ron Moses, vice president of Jack Henry & Associates and general manager of Consumer and Commercial Solutions, added, “BSA/AML compliance requires manual and paper-based processes at most financial institutions today, resulting in high costs, low efficiency and significant risk of oversight or error. Yellow Hammer BSA automates and centralizes this process, allowing financial institutions to be more cost effective, productive and confident in their compliance efforts. This recognition from Celent is a testament to our ongoing dedication to offering comprehensive support to our clients, both during and far beyond implementation.”
The report evaluates nine market-leading AML systems and is focused solely on solutions sold to smaller banks and other financial institutions. Celent uses its proprietary ABCD methodology to assess the competitiveness of these solutions, including (A)dvanced and flexible technology, (B)readth of functionality, (C)ustomer base, and (D)epth of client services.
About Jack Henry & Associates Inc
Jack HenryTM (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are a S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 47 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.