MONETT, Mo., Jan. 3, 2019 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, its ProfitStars® division announced that Chesapeake Bank's alternative lending division, Cash Flow, is expanding with ProfitStars' Commercial Lending Center Suite™. Cash Flow offers businesses across the country access to financing faster than most traditional lenders, along with more custom qualification criteria.
Kilmarnock, Virginia-based Chesapeake Bank introduced Cash Flow in 1995 to help bring businesses access to the cash they need to thrive and grow. The $823 million asset bank has used ProfitStars' accounts receivable financing and asset-based lending solutions to support the division for more than a decade. Now, Commercial Lending Center Suite allows borrowers to more conveniently interact and securely exchange information with Cash Flow, enabling a seamless relationship from one loan experience to the next. Borrowers can easily request loans online, bridging the gap between client expectations and banking hours. And, ProfitStars' remittance solution allows them to more efficiently process checks and payments.
Kevin Wood, managing director of Cash Flow at Chesapeake Bank, explained, "We rely on ProfitStars' products to improve the process for our business clients from the online application, to account management to ongoing service and reporting. The full lifecycle management platform enables us to offer our clients a better experience and allows us to focus on risk management and excellent customer service. We have improved our results and saved time for our staff. Offering the full range of products helps us build our reputation as a bank that can deliver excellent service and be a trusted provider of alternative financing in today's marketplace."
Commercial Lending Center Suite's all-digital loan origination, decisioning, and portfolio management workflows save time, improve accuracy, and boost efficiencies in the commercial lending process. The solution will allow the bank to digitize and centralize the process, providing more transparency into the loan status and overall relationship for both bank and borrower. And, combining remittance processing minimized the people needed to manage day-to-day tasks; the bank was able to reallocate those same resources to growing Cash Flow through new business opportunities.
Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars, stated, "We are proud to be the primary technology provider for Chesapeake Bank's Cash Flow. They've been using our factoring solutions for more than a decade, and our partnership continues to help commercial customers grow their businesses today. Chesapeake Bank has selected our full digital lending platform and remittance solution to attract and sustain lasting business relationships. Most importantly, the bank is serving its borrowers with the convenient, easy loans that they need to succeed."
ProfitStars®, a division of Jack Henry & Associates, Inc.®, helps financial institutions of every asset size and charter, and diverse corporate entities, proactively identify and prepare for risks and market changes that could negatively impact their business. ProfitStars' industry-leading solutions and services include JHA Payment Solutions™, Information Security & Risk Management, Online & Mobile, Lending, Financial Performance, and Imaging/Data Management. These solutions help approximately 9,000 clients mitigate and control risks, optimize revenue and growth opportunities, contain costs, and drive future success. Additional information is available at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its solutions serve more than 9,000 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
SOURCE Jack Henry & Associates, Inc.