Symitar Earns Significant Core Wins in First Half of Fiscal Year 2013 - Activity reveals more trending to outsourcing and willingness to convert card processing -
MONETT, Mo., Feb. 13, 2013 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division today announced that it won 18 new credit union relationships for its Episys® core platform during the first half of the organization's 2013 fiscal year, which spanned July 1 to Dec. 31, 2012. More than 35 percent of credit unions with more than $1 billion in assets are now automated by Episys, which has the largest market share of credit unions with assets exceeding $50 million.
Dallas, Texas-based Neighborhood Credit Union is one of those new Episys clients. Chet Kimmell, president and CEO, explained, "After a very comprehensive review of a number of solutions, Symitar by far had the most to offer our credit union for long-term success. The Episys system is nimble to support both current and future needs, and this organization stands behind its technology with strength and service."
Symitar also continues experiencing strong demand by credit unions of all sizes to outsource. In addition to the new core deals, 14 credit unions elected to migrate from their current in-house Symitar systems to its outsourced solutions. Four of these credit unions elected to migrate to Symitar EASE™, the Episys outsourced solution, and 10 moved to the Cruise® outsourced solution during this time.
Symitar provides an array of complementary products and services strategically integrated with Episys and Cruise, including the credit, debit, and ATM card processing services available through JHA Payment Processing Solutions® (PPS), a business unit of Jack Henry & Associates. Of the new core wins and migration decisions, seven Episys clients and five Cruise clients also selected PPS in the first half of the 2013 fiscal year.
Joel Forbess is executive vice president at Memphis, Tennessee-based Kimberly Clark Credit Union, an Episys client for more than 10 years. Already running credit processing through PPS, the credit union recently decided to convert its debit card program to PPS as well. Regarding that move, Forbess said, "The opportunity to consolidate these functions and maintain a single point of contact for settlements, adjustments, and reconciliations was enticing. And, the automated notes between Episys and PPS will be an even greater time saving solution for our staff."
According to Ted Bilke, president of Symitar, "These recent successes can be attributed to credit unions seeing Symitar as the stable, established leader in the marketplace, and as an organization committed to ongoing technological evolution and unmatched core flexibility. We are driving positive changes for this industry and credit unions can be confident in our ability to enable an efficient, cost effective environment for them and their members."
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ: JKHY), is the leading provider of integrated computer systems for credit unions of all sized. Symitar currently serves more than 750 credit unions as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,900 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community to mid-tier institutions with information processing solutions. Symitar® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides best-of-breed solutions that enhance the performance of domestic and international financial institutions of all asset sizes and charters using any core processing system, as well as diverse corporate entities. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.