Greg Adelson: And a lot of that sales will not happen until next fiscal year.
David Foss: Yeah.
Cris Kennedy: Understood. Thanks for taking the questions.
David Foss: Sure.
Operator: Thank you. The next question is from James Faucette with Morgan Stanley. Please go ahead.
James Faucette: Great. Thank you so much. I know we talked a little bit about Payrailz and implementation, et cetera. But can you help us think about the time to revenue and how that scales? Like when does — when do we start to see contribution from implementations? And then how long does it take to get that fully implemented and scaled within the P&L?
Greg Adelson: Yeah. Well as far as implementations, I mean typically as we have with any of those type of bill pay and payment-providing products it really is somewhat dependent on the customer. We can actually install within 90 days typically. So some of it is dependent on the customer. Some of it is dependent on a core deal where an actual Payrailz may be part of that core deal so they’re waiting to implement that. So some of those contracts could have longer tail before they’re actually implemented. But as I mentioned earlier with the 100 that are actually on the platform now the 50 that we have in the implementation queue and the 20 that were just sold we have the ability to start moving the needle. As I mentioned earlier we are on track for the guidance that we gave in August for the revenue numbers which is again I think a substantial amount of drive.
But again even those percentages obviously we started with a small number. So we’re driving the ability to get the technology in place to get all the things that we wanted to do from a tech modernization strategy and driving that as part of — while we’re waiting for some of these contracts to go. But the technology itself is going to drive the longer-term part of this strategy not just the immediate parts that we’re doing with the current Payrailz offering.
Mimi Carsley: And let me just layer on there. James, good morning. Just as a reminder the payment sector which is 36% roughly of our total revenue of that bill pay let’s call it about 15%. So this is really a reinvigoration of that iPay business that was pretty mature. And as so we won’t be able to see Payrailz in and of itself but that together that combined business plus the added innovation of new features that neither existing platform has on their own you’ll start to see over the upcoming quarters a reinvigoration that will help that total segment.
James Faucette: Got it. Got it. Appreciate that. And then I want to ask on the competitive landscape. One of your competitors in at least an adjacent market announced a new product initiative targeting banks and credit unions that enables them to have more of a lightweight core for digital deposit products. And I think they’re trying to go at it with a low price point. I know you don’t compete on price. But just curious how you’re thinking about the competitive environment generally for Banno especially as you kind of work to get that into the installed base and think about opportunities outside the installed base.
David Foss: We refer to that as a side core. We’ve been doing that for years. So that’s not a requirement of the digital banking application necessarily it’s a requirement of having core functionality where you can actually process those accounts. We’ve been doing that for a long time. Certainly, we have that integrated with our Banno solution. But the nice thing about our offering is that if the customer simply wants to do it for deposit gathering we can do that. If they want to host a complete digital bank as they continue to grow it’s the same platform it’s the exact same solution. We can offer loans and GL and everything else through that offering. So that’s not something new to Jack Henry. We’ve been doing that for quite some time.
James Faucette: Appreciate that Dave. Thanks.
James Faucette: Sure.
Operator: Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Vance Sherard for any closing remarks.
Vance Sherard: Thank you, MJ. As Dave mentioned next week on Tuesday the 14th, we hope you will join us either in person or virtually as we host our Annual Shareholder Meeting. Additionally we look forward to seeing many of you at upcoming investor events during November and December. In conclusion, we thank all Jack Henry associates whose efforts produce these strong financial results. Thank you for joining us today. And MJ will you please provide the replay number?
Operator: Of course. Thank you, Vance. The replay number for today’s call is 877-344-7529 and the access code is 2951710. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
