The 10,800 credit unions, banks and other financial institutions on Jack Henry & Associates' customer list can now choose between a pair of personal financial management solutions to offer their customers and members.
They are the FinanceWorks product from Intuit Financial Services and OurCashFlow from Lodo Software Inc., the company said, adding that the latter uses aggregation services from CashEdge.
Jack Henry, provider of the Symitar core processing systems for credit unions, also coined a new term for the offerings-online financial management solutions.
"OFM is an internal acronym that we used for online financial management during our research and discussions," said Pete Hopkins, general manager of Internet Solutions at Jack Henry in Monett, Mo. "As we began conceiving the right solution in our minds, personal financial management or PFM was too limited in scope, and did not convey the comprehensive functionality necessary for consumer and small business money management solutions."
The FinanceWorks and OurCashFlow solutions were chosen with the assistance of a panel of existing clients, the company said.
"While it is highly unusual for Jack Henry & Associates to offer two similar solutions, we felt it was important to give our diverse clients a choice. ... While there are functional distinctions, both solutions support personal and small business accounts, budgeting, internal and external account aggregation, and categorization," Hopkins said.
FinanceWorks is a product of California-based Intuit Financial Services, formerly Digital Insight. Lodo Software is based in Omaha, Neb., and specializes in PFM solutions for banks.