Jack Henry & Associates has announced that BusinessManager has been fully integrated into the SilverLake System core platform to streamline accounts receivable (AR) financing. This integration allows financial institutions to provide funding to their business customers with increased speed, efficiencies, and accuracy.   

There are more than 30 million small businesses in the US and the majority cite cash flow as the biggest challenge they face. BusinessManager enables financial institutions to purchase small and medium-sized businesses’ AR at a discount, providing immediate access to working capital for the business and creating strong fee income opportunities for the institution. By integrating BusinessManager with the SilverLake core platform, banks can automate some of the last remaining manual aspects of the AR financing process to boost efficiencies and increase transparency.

Chattanooga, Tennessee-based First Volunteer Bank has 24 branches throughout Tennessee and northwest Georgia. The US$1bn-asset bank has been leveraging Jack Henry’s AR financing capabilities for more than 20 years and recently leveraged the integration of the programme with its core platform.

“Our longtime partnership with Jack Henry and use of BusinessManager allows us to provide our business customers with the funding necessary to grow and thrive,” said Logan Harper, banking officer of First Volunteer Bank. “We previously had to manually enter information into our core platform at the end of each day, creating the potential of costly human error. When you’re crediting hundreds of thousands of dollars to an account, that’s a big risk. With the integration, entries are now made automatically, improving accuracy and saving a significant amount of employee time. Reporting is also easier and more immediate than ever before.”

Landmark Community Bank has about US$1bn in assets and serves communities throughout Memphis and Nashville, Tennessee. The bank has partnered with Jack Henry to power AR financing since 2012.

“By better serving small and medium businesses we are better supporting our communities,” said Karin Jones, senior vice president of commercial lending for Landmark Community Bank. “With BusinessManager, we’ve been able to create new revenue opportunities for our bank while strengthening our relationships with business customers and providing them with the financial resources necessary to scale their operations. Since integrating the programme with our core platform, the process is more automated and streamlined for us and more transparent for our customers. Businesses used to have to call and ask if we’ve funded their accounts yet, but now they can immediately see the money in their accounts. This saves time for all parties involved.”

“Many businesses aren’t properly served by traditional lines of credit because of seasonality, payment cycles, or time in business, and BusinessManager provides financial institutions with the tools necessary to meet those businesses’ unique needs,” said Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars. “With the SilverLake integration, this process is now more efficient, productive, and easier. Serving local businesses is an important goal for community and regional banks, and we are dedicated to helping them support that mission.”