Jack Henry acquires Bolts for digital account opening
US banking tech heavyweight Jack Henry & Associates has acquired Bolts Technologies, the Pennsylvania-based developer of boltsOPEN, a digital account opening solution.
“The financial services industry is clearly focused on reengineering the delivery of traditional financial services with digital solutions,” says Ron Moses, vice-president of Jack Henry and general manager of consumer and commercial solutions.
“Financial institutions need a next-generation solution that balances user experience, strong security, and self-service administration and customisation.”
boltsOPEN allows existing and prospective account holders to open new accounts in minutes.
The vendor says the solution provides intuitive user experience on any device, with identity verification tech that encompasses OFAC, customer identification programme (CIP), and account abuse checks.
Flexible account funding options include mobile deposits, ACH, and transfers from credit and debit accounts.
“We wanted to clearly differentiate our solution with a rules-based administrative platform that allows initial and ongoing customisation and system administration to be done without technical assistance,” adds Scott Field, CEO of Bolts.
boltsOPEN will be sold to Jack Henry’s core bank and credit union clients, and to the non-core clients supported by its ProfitStars division. The solution is core banking system agnostic.
Terms of the transaction were not disclosed.