Jack Henry ATM Deposit Solution Integrated with Core Banking Systems
November 8, 2011 Alex Woodie
Jack Henry & Associates last week announced that its ImageCenter ATM Deposit Management solution, which enables banks to accept checks directly without using an envelope, is now available as a fully integrated solution for all three of its core banking systems, including SilverLake, CIF 20/20, and Core Director.
The race is on for banks to replace their old ATM deposit solutions that require envelopes with new automated deposit terminal (ADT) solutions that scan the check directly into the system at the ATM. Aside from customer convenience, it’s not surprising to find that money is driving the change. Jack Henry cites industry research that shows standard envelope deposits can cost as much as $1.82 to process, while image deposits can cost as little as $0.58. It can also help eliminate “empty envelope” bank fraud.
The new integration between Jack Henry’s core banking systems and the ImageCenter ATM Deposit Management solution, which is sold through Jack Henry’s ProfitStars division, will facilitate a more rapid adoption of ADT, which is currently used at 70 banks or credit unions. SilverLake and CIF 20/20 run on the IBM i server platform.
“After relatively slow initial adoption, deposit automation is taking off and we expect it to be one of the fastest growing banking technologies for the next several years,” Stan Viner, general manager of sales for Jack Henry Banking, says in a press release. “Image-enabled ATMs have recently become much more affordable, reliable, and user-friendly.”