FinTech Jack Henry & Associates’ Jack Henry Lending operation formally launched a product called FactorSoft Web Portal for lenders in the business of factoring — or buying accounts receivable from companies that sell them at a discount to generate cash quickly.
Jack Henry, which specializes in B2B payments processing, announced the new product at the International Factoring Conference. According to the official announcement on Wednesday (May 12), more than 175 Jack Henry clients already are using the FactorSoft Web Portal.
“The FactorSoft Web Portal brings digital, touchless technology to an important area of lending. Factoring can help businesses take the next step they need to expand and build our economy. The many lenders providing these services now have a modern, convenient and always accessible way to manage their client relationships and portfolios, enabling them to grow with ease,” Terry Renoux, head of Jack Henry Lending, said per the release. “Strengthening the flow of data and communications with this Web Portal results in both a better user experience and improved portfolio management capabilities.”
Jack Henry said in its announcement that the new service provides an app-like experience for customers and provides assistance with portfolio management as well as administrative work.
Per the release Madison, South Dakota-based Assistant Financial Services, which provides accounts receivable factoring for transportation companies, has been using the new service. Assistant Financial Services offerings include same-day financing of invoices it purchases from trucking operations, according to the announcement.
Lindsey Morehouse, an IT specialist at Assist Financial Services, said per the release, “Carriers are accustomed to using app-like experiences for communication and managing their freight while on the road. It only makes sense that they have a similar experience for factoring. The FactorSoft Web Portal will be easy to customize so the most-used functions are at their fingertips.” Morehouse also touted the security features with which the new offering comes.
Jack Henry said in its marketing materials that it is an S&P 500 company offering SaaS services to primarily the financial services industry. Jack Henry claims 8,500 U.S. clients working with three divisions: Jack Henry Banking, which serves local and regional banks; Symitar, which works with credit unions; and ProfitStars, which works with a range of financial institutions.
May 13, 2021 at 02:35AM