Volunteer Federal Savings Bank and Peoples Bank of the South Select Jack Henry Banking to Provide Enterprise-Wide Automation - Community banks to implement the CIF 20/20 core system through Jack Henry Banking's outsourced offering -
MONETT, Mo., April 16, 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 Jack Henry Banking® division announced today that two Tennessee-based banks, Volunteer Federal Savings Bank and Peoples Bank of the South, have selected its CIF 20/20® core processing platform to provide enterprise-wide automation. Both banks will implement CIF 20/20 through Jack Henry Banking's outsourced offering.
CIF 20/20 is automating approximately 700 growth-focused, service-oriented banks by integrating parameter-driven core functionality with more than 120 complementary products and services. This market presence makes CIF 20/20 one of the most widely installed core banking systems in the U.S. Its flexible architecture and relational database, ability to support both in-house and outsourced operating environments, and scalable hardware platform maximize operating flexibility and seamlessly support banks' near- and long-term technology requirements.
According to Bob Dalton, president and CEO of Volunteer Federal Savings Bank, "We made the strategic decision to find a technology partner that could prove it values integrity-based business relationships, delivers high-quality products and ongoing product releases, and provides service levels that are consistent with our expectations. Soon after engaging in a very consultative sales process, we were fully convinced that Jack Henry Banking offers everything we were looking for – company and financial stability, integrity-driven customer relationships, proven products with a unique level of integration, and a company-wide commitment to provide outstanding service. The added value of its customer relationship manager program and the active regional CIF 20/20 users group also supported our decision. We are excited about the benefits new technology will provide for our customers, our employees, and our bank."
David Reynolds, president of Peoples Bank of the South, said, "Our bank needed a stable technology partner, a long-term technology platform, and access to knowledgeable service providers that truly care about providing the information we need and answers to our day-to-day questions. Based on our experience with the product and service quality of several ProfitStars solutions, and the strong endorsements of banks already automated by CIF 20/20, we are confident that partnering with Jack Henry Banking and converting to CIF 20/20 will satisfy our near- and long-term goals."
Stan Viner, general manager of sales for Jack Henry Banking, said, "We are confident that CIF 20/20 provides the functionality and flexibility these forward-thinking banks expect to gain with a new core system. We welcome Volunteer Federal Savings Bank and Peoples Bank of the South to our client roster and look forward to providing the business solutions they need to attract and support today's convenience-driven consumers, to continually improve their performance, and to successfully compete in today's business environment."
About Jack Henry Banking
Jack Henry Banking, a division of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for banks ranging from de novo to mid-tier institutions. Jack Henry Banking currently serves more than 1,300 banks as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.jackhenrybanking.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