Three banks of New Hampshire Mutual Bancorp (NHMB) have recently migrated or will be migrating to the cloud hosted SilverLake System core platform, offered by Jack Henry, the banking division of Jack Henry & Associates.
Jack Henry & Associates is a provider of technology solutions and payment processing services for institutions in the financial services industry. The open infrastructure of its SilverLake core platform would enable the banks to easily integrate with third party solutions for better results.
Jack Henry & Associates vice president Stacey Zengel said: “By partnering with us in a private cloud environment, the banks are reducing time spent on cumbersome hardware and IT maintenance and upkeep and allowing employees to focus on more strategic and rewarding work, like serving customers and their communities.
“They are also insulating themselves from the mounting concerns around talent acquisition and retention, an especially prevalent problem for community institutions and those in rural areas. We look forward to strengthening our partnership with these three banks and helping to position them for further growth and success down the line.”
NHMB will leverage Jack Henry’s SilverLake core platform for three banks
NHMB is a bank holding company with three individual bank brands, Meredith Village Savings Bank, Merrimack County Savings Bank, and Savings Bank of Walpole. NHMB holds more than $2bn in assets. The firm has been using redundancy and disaster recovery provided by Jack Henry’s private cloud.
The Meredith Village Savings Bank and Merrimack Savings Bank have been using Jack Henry’s core platform since many years and recently migrated to the private cloud environment.
The shift to private cloud environment is said to benefit the bank through efficiency gains, enhanced disaster recovery capabilities, and improved employee productivity.
Based on the implantation of Jack Henry’s solution in two banks, the Savings Bank of Walpole has decided to leave its current core processor for the cloud hosted model of SilverLake core platform.
The banks are expected to leverage Jack Henry for their various technology needs, including remote deposit capture (RDC), risk management, reporting, card processing, electronic signature capture, and document management, through the partnership.
NHMB president and CEO Gregg Tewksbury said: “Our longstanding partnership with Jack Henry made us confident that they were the right choice to support our shift to a cloud environment. Since two of our banks have gone live, they’ve been able to eliminate clunky hardware and redirect resources once focused on nightly processing and other manual tasks to more customer-facing initiatives instead.
“Jack Henry delivers the expertise and skillset we need, which has allowed us to solve the talent acquisition challenge much of the industry is currently facing. Our shared services model is one that might attract more interest in the future, and this platform’s scalability will make it easier to expand should the right opportunity come along.”