Jack Henry & Associates provides technology solutions to community and regional banks and credit unions, serving roughly 7,400 financial institutions. Jack Henry's core business is providing the software that runs essential banking operations — processing deposits, loans, and general ledger transactions — as well as digital and payment services that banks and credit unions offer to their customers. Jack Henry operates through three segments: Core (~34% of revenue), which includes data processing platforms for banks and credit unions; Payments (~43% of revenue), covering card processing, ACH, real-time payments, and bill pay; and Complementary (~23% of revenue), a portfolio of add-on products including digital banking (Banno), fraud detection, and account origination. Over 91% of revenue is recurring, driven by per-account cloud hosting fees under six-year contracts and transaction-based payment processing fees. About 77% of core clients are now hosted in Jack Henry's private cloud, and migrating the remaining on-premise clients to cloud hosting is a key growth lever, generating roughly 1.75x revenue uplift per converted client. Jack Henry's growth strategy also includes moving upmarket toward larger institutions, cross-selling payments and complementary products, and building a public cloud-native, API-first platform to eventually replace legacy core systems. Jack Henry is also launching SMB-focused merchant acquiring and fund transfer capabilities through its bank and credit union clients to compete with fintechs like Square and Stripe. Client retention exceeds 99% (excluding M&A), and long-term contracts make the model highly predictable across economic cycles.