MONETT, Mo., Nov. 12, 2014 /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 announced today that $4 billion Hudson Valley Federal Credit Union has selected Episys® for in-house core processing.
It had been nearly two decades since the New York-based credit union underwent a core conversion. The executive team wanted a platform that would provide a complete view of member relationships, enabling them to improve service and ultimately strengthen those relationships. Hudson Valley FCU also needed to close product gaps, particularly with its consumer and business loans, and look at implementing new pricing scenarios. Episys will enable the credit union to take new offerings to market more quickly and gain new efficiencies through process improvements, just by eliminating many of today's manual processes that create pain points for both employees and members.
According to Mary Madden, CEO of Hudson Valley FCU, "Symitar has met the needs of other large credit unions in our market. We have seen the efficient conversions, successful interfaces, and quality service that follow. This evidence, coupled with the organization's clear technology plan, gives us confidence that the Episys system is the right solution to further accelerate our growth."
Episys' open architecture interfaces with hundreds of vendor applications and offers credit unions the option to independently add-on additional offerings with ease, encouraging rapid adoption of new technologies. Episys boasts the most client credit unions in assets exceeding $50 million on a single platform, and supports more than 40 percent of the U.S. credit unions with assets exceeding $1 billion.
Ted Bilke, president of Symitar, said, "The number of core conversions occurring in our industry indicates credit unions are thinking longer-term about each technology decision. They need systems that work today, and also offer scalable growth and the flexibility to change with market trends. Like so many other large credit unions, Hudson Valley FCU recognized Episys as a growth enabler; a configurable and adaptable platform that will perform however the credit union desires."
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is the leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 800 credit unions, serving 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 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community to multi-billion dollar 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.