David Foss: Yes, that’s a really interesting topic, James. And I could probably talk for about two hours on this one, I won’t, but I could. So what’s happening right now. So there are a couple of competing forces here when it comes to talking about that. First off, you have a real desire among banks and credit unions to continue to look for best-of-breed solutions. It’s why we have so many best-of-breed products in the Jack Henry product family, it was the whole basis for the ProfitStars initiative that we ran until we just changed our branding here, we still have all those solutions, we still have that strategy, we still have a salesforce that only calls on customers outside the Jack Henry core base. That is still a wonderful business for Jack Henry, because there are those customers who demand and expect best-of-breed solutions to connect into their core.
At the same time, you have regulators that are pushing pretty hard on those same customers to say you shouldn’t be trying to manage so many vendors, you’re introducing more risk into your environment, if you have so many different vendor partnerships. And so part of our strategy has been we can do both, we can be the best-of-breed provider for somebody who’s not running a Jack Henry core. They limit the number of vendors they work with by working with Jack Henry on non-core solutions because we have such a broad suite of non-core solutions. So we are a positive in that sense to those vendors or for those customers who are looking to do best-of-breed but limit the number of vendors that they’re working with. But again, there is this real push because of the disruptive factors or disruptive forces that are happening in the banking space in general.
There is this real push among bankers to find those FinTech solutions, those best-of-breed solutions to offer to their clients. And so it’s that balancing act, but it’s something that we’ve been watching for quite some time. I feel strongly that Jack Henry is really well positioned to serve both ends of that spectrum. And is part of the reason why we continue to look for some of those best-of-breed solutions to acquire, like Payrailz, so that we can continue to be a force among those customers looking for best-of-breed.
James Faucette: Got it. And I wanted to ask also, I guess, a more specific product related question. And that’s related to FedNow, given how close you are to FedNow, as I was hoping you could give us an idea of the general readiness and implementation capabilities that the regional community banks that you work with, have to implement that and start to use FedNow. And I guess on a high level, what’s your take on the timeline on how JHA PayCenter is positioned to accommodate the roll out? Thanks.
Greg Adelson: Hey, James, this is Greg, I’ll take that one. So a couple of things. So one, we are positioned to be the first processor live starting in July. So we’ve been working with the Fed for over two years directly on kind of preparedness for that. So we will be launching it looks like somewhere between 25 and 30 institutions will be part of our initial launch. So the interest level with the community institutions is very high. Part of the reason why is that the clearing house is owned by the larger banks. And so there’s always been a little bit of a of a concern about doing business with the larger banks, but with the Fed, the smaller community banks are very excited about this specially about some of the use cases that are being talked about.
So, in short, it just as a reminder, we have about 60% of the clearing house institutions, or Jack Henry institutions today, if you look at the who’s live with about 60% are Jack Henry. So we will be the first processor going live with the FedNow product in the summer.
Operator: And the next question comes from Cris Kennedy with William Blair.
