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Maine’s Machias Savings Bank Partners with Jack Henry to Modernize Tech Stack

Maine’s Machias Savings Bank Partners with Jack Henry to Modernize Tech Stack
  • Maine-based Machias Savings Bank has partnered with Jack Henry to modernize its technology stack.
  • Founded in 1869, Machias Savings Bank has $2.4 billion in assets.
  • Jack Henry has been a Finovate alum since 2010. Newsweek named the company as one of America’s Greatest Workplaces in 2023.

One of the oldest banks in Maine, Machias Savings Bank, has turned to Jack Henry to modernize its technology stack. The financial institution will deploy Jack Henry’s core processing solution to help automate processes and improve efficiency. Machias Savings Bank also will take advantage of business process solutions like Jack Henry’s Enterprise Workflow, as well as access more than 950 API-integrated, third-party fintechs that are a part of Jack Henry’s ecosystem.

“Jack Henry’s innovative mindset positions us well for a technology transformation that will help us stay competitive throughout shifting market and economic conditions,” Machias Savings Bank COO and EVP Peter Greene said. He added that the partnership will help the bank reduce costs while better serving its commercial customers, which have been a special focus for the institution.

“These modernization efforts will help Machias Savings Bank strengthen its connection to a new generation of customers, compete with the big banks, and remain a strong pillar in their community,” Jack Henry SVP and president of Bank Solutions Stacey Zengel added.

A Finovate alum since 2010, Jack Henry serves community and regional financial institutions, providing both internally developed technology solutions as well as integrations with leading fintech innovators. With more than 8,000 clients, the Monett, Missouri-based company offers digital banking, payments, lending, financial crime, and financial health solutions to help banks, credit unions, and other financial services companies innovate faster and compete more effectively against larger rivals in both finance and tech.

Last month, Jack Henry announced its support for the Federal Reserve’s FedNow Service. In June, the company launched its real-time payment fraud feature – Payrailz Fraud Monitor. The technology leverages AI and machine learning to identify and assess multiple fraud indicators to provide actionable scores on each payment transaction. The AI-based offering was made possible by Jack Henry’s acquisition of Payrailz in 2022. In addition to its partnership with Machias Savings Bank, Jack Henry teamed up with Platinum Federal Credit Union in May; First Community Bank, Sunrise Bank, and Today’s Bank in April; and virtual bank Greenpenny in January.

Jack Henry trades on the NASDAQ under the ticker JKHY. The firm has a market capitalization of $12 billion.

Machias Savings Bank was founded in 1869. The institution has $2.4 billion in assets, and 17 branch locations throughout Maine. Larry Baker is president and CEO.


Photo by Blue Arauz