FRANKLIN, Mass.--(BUSINESS WIRE)--Saylent Technologies, Inc., a pioneering provider of payment intelligence software, today announced “Checking 2.0,” a new way for financial institutions and consumers to work together towards a common goal.
“Consumers are purchasing a service from financial institutions, and that service has a delivery cost. The total cost, however, is based on how the consumer banks”
“The marketplace is marred with distrust between consumers and financial institutions. We saw a need for a solution that creates a win-win for consumers and financial institutions alike, since the reality is one cannot prosper without the other,” said Tyson Nargassans, president of Saylent Technologies.
Checking 2.0 is grounded in respect and fairness between the consumer and the financial institution. Utilizing its Account360™ solution, Saylent developed two new Checking 2.0 accounts: Overdraft Forgiveness Checking and Reward Checking 2.0.
Recent regulatory changes highlighted the practice of overdraft fees. While overdraft’s original design was well-intended and saved the consumer the embarrassment of a bounced check, it has led to the “$40 latte,” where an everyday purchase triggers an overdraft fee. Saylent’s Overdraft Forgiveness Checking allows consumers to overdraw their accounts one time per statement, for any reason, and the bank will waive the fee. As an incentive not to overdraw their account, these consumers can also earn interest and cash rewards for managing their money well and banking electronically.
The reduction in overdraft fees also creates a sizeable revenue shift for financial institutions. Its impact will be felt on free checking accounts, which have been largely subsidized by overdraft fees. Reward Checking 2.0 seeks to balance service fees, free checking and rewards checking. It charges a modest fee to the consumer to service the account, but provides opportunities to waive those fees and then earn interest and cash-back.
“Consumers are purchasing a service from financial institutions, and that service has a delivery cost. The total cost, however, is based on how the consumer banks,” Nargassans explains. “Reward Checking 2.0 is the new ‘free’ checking account for the post-recession world. It recognizes this cost, but it provides a way for the consumer to waive those fees as well as a way to make their money work harder for them. Consumers get world-class service and an opportunity to earn more. And financial institutions promote banking activities that help them operate more efficiently. That’s the win-win the market needs.”
Account360 is integrated with the financial institution’s core platform and provides real-time, automated adjustments to accounts based on their banking activity. Customers of Jack Henry & Associates’ Silverlake® and CIF 20/20® solutions have access to these solutions through the pre-integrated, hosted BIG Rewards product.
About Saylent Technologies, Inc.
Saylent Technologies, based in Franklin, Mass., develops payment intelligence solutions to help financial institutions attract and retain accounts. Employing innovative analytics and segmentation techniques, Saylent’s Card360 solution identifies card usage patterns by cardholder, targets underperforming or at-risk segments and enables corresponding marketing programs and metrics. Saylent’s Account360 solution provides a holistic perspective on customers across all payment types, enabling financial institutions to understand and reward profitable behaviors. For more information, please visit www.saylent.com or call
(508) 570-2161
.About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking™ supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar™ is the 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.
