First Community Bank selected Jack Henry as its core provider as the bank continues to grow its client base.

The Michigan-based bank expects to grow 10% annually for the next three years, Chief Executive Daniel Clarke said in a release.

“The reason we went with Jack Henry is because they had the horsepower behind them,” Clarke told Bank Automation News. The bank was looking for a way to “beef up” its business solution offerings, including bill pay and positive pay, especially as it adds business and commercial clientele.

Jack Henry integration timing ranges between six and 18 months, Stacey Zengel, senior vice president and president of bank solutions at Jack Henry, told BAN. This includes pre-conversion planning and depends on client goals.

For the bank, the technology will present an overview of clients to better target services, offerings and needs, Clarke said, noting that clients are demanding more digital functionalities “so we needed some of those.”

Credit unions look to Argyle for income, employment verification

Lake Michigan Credit Union, iThink Financial Credit Union and Georgia United Credit Union chose payroll connectivity platform Argyle for income and employment verification.

Last week, Argyle launched Argyle 2.0, an updated platform that streamlines account verification, Shmulik Fishman, chief executive and founder of Argyle, told BAN at Fintech Nexus last week in New York.

“If you’re part of a lending origination process, if you’re doing new bank account opening, you’re probably used to looking at W-2s or 1099s, pay stubs or time sheets. We’ve now actually made the API function that exact way,” he said. “These are now structured endpoints, so that way a business leader, a lender or mortgage processor can interact with the Argyle dataset.”

Through Argyle 2.0, employment can be verified without pay stubs; the Argyle code allows the user to type in an employer and connect to them directly for verification, he said.

“We automate what was originally manual, so instead of somebody manually keying in information, we can give that to you via an API,” he said.

The automated platform helps institutions save money, time and originate more loans, he said. Additionally, the technology reduces fraud and errors because it connects directly to employers, eliminating the opportunity to upload fraudulent documents.