MONETT, Mo., July 12, 2011 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of computer systems and electronic payment solutions primarily for financial services organizations, today announced that Generations Community Federal Credit Union successfully implemented the consumer bill pay solution provided through its iPay Technologies division.
In its first three months since implementation, Generations experienced a 20 percent increase in bill pay users and significantly expanded its available number of payees, growing the volume of online transactions. The credit union currently has more than 2,000 active bill pay subscribers averaging 10,000 monthly payments with upwards of 25,000 payment records. Additionally, many of its members have switched to electronic statements from paper statements.
Wes Barnett, chief information officer of Generations Community Federal Credit Union, explained, "With iPay, we are able to offer members more than just a bill pay platform. Rather, it enables us to offer a full self-service site for all of their payment demands. Having person-to-person (P2P) and account-to-account (A2A) transfer capabilities integrated with bill pay provides members with more payments options in a centralized environment and, as a result, we are seeing many more electronic transactions fulfilled. Bill pay is a great retention tool in and of itself; but it can also represent a springboard for introducing and building consumer adoption of other online services."
Generations was simultaneously converting to the Episys® core system provided by Jack Henry & Associates' Symitar™ division and to a new Internet banking solution. Forty days prior to its go-live date for the new Internet banking platform, the credit union learned that its existing bill pay provider could not meet its target implementation timeframe, which jeopardized Generation's entire e-commerce strategy. iPay, able to support the required implementation timeline, was selected to replace the incumbent bill pay provider and successfully converted more than 25,000 payee records in less than 30 days. iPay also enabled the credit union to process all the payments scheduled pre-conversion on time as planned.
According to David Foss, president of ProfitStars, "Contrary to popular belief, the conversion process is not something to be feared. While no institution typically plans for a timeline as brief as Generations required, the anticipated return of a more robust bill pay product post-transition far outweighs sitting idle with a solution that is not delivering on all the institution's needs."
iPay's consumer bill pay takes an integrated services approach, including P2P payments, A2A transfers, expedited payments and end user support. The turnkey solution also supports single or recurring payments and easily integrates with any Internet banking provider. Supporting more than 3,600 financial institutions, iPay backs its consumer, small business, and P2P payment solutions with a full service call center, branded directly for each bank or credit union client, to facilitate customer and member support.
About iPay Technologies
iPay Technologies is a leading provider of online bill payment solutions that incorporate a sophisticated bill pay engine that easily integrates with any online banking platform; best-of-breed retail, small business, and person-to-person bill payment solutions; extensive payments expertise; and outstanding service. Through strategic partnerships with more than 50 providers of information processing and online banking solutions, iPay's turnkey, highly configurable electronic payments platform is supporting more than 3,600 banks and credit unions, including more than half of the nation's credit unions and approximately 40 percent of the nation's community banks that offer bill payment services. Additional information is available at www.ipaytechnologies.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking™ supports banks ranging from de novo 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 highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. iPay Technologies operates as a leading electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. 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.