MONETT, Mo., Aug. 30, 2016 /PRNewswire/ -- Jack Henry & Associates, Inc.® (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. The company today announced its recognition by Aite Group for two awards in the firm's July 2016 report, Leading U.S. Core Banking Vendors: Entering the Era of Plug-and-Play Banking.
This Aite Group report focuses specifically on the six core banking vendors that maintain a combined 75 percent of the U.S. market. It explores two key core banking trends, tighter integrations and a preference for hosted delivery models, and suggests how well these technology providers have progressed toward satisfying them.
Aite Group named Jack Henry & Associates as a "Leader of the Pack Award" recipient, acknowledging the company's continuing positive momentum as it wins new core clients and moves up-market to larger institutions, especially on the credit union side. In validation of this award, Jack Henry & Associates celebrated 40 new core takeaways in its most recent fiscal year, ended June 30, 2016, and eclipsed 48 percent of all core clients now using an outsourced delivery model between its five Jack Henry Banking® and Symitar® core systems.
Symitar's Episys® also received the Alliance and Most Open Architecture Award, in recognition of its openness to other third-party solutions. The quality and extensiveness of integration, ease of implementation, interoperability, and scalability are just a few of the qualities factoring into the decision. Aite Group's report stated that "overwhelmingly" Symitar is called out "as an outstanding partner" for Episys' ability to maximize customization, third-party connectivity, and interoperability standards through solutions such as the SymXchange™ interface and PowerOn® tools. These components provide vast core flexibility in a market that demands a sophisticated exchange of data in order to deliver the best customer experience.
Christine Barry, research director for Aite Group and an author of the report, stated, "The rate of core replacements will remain consistent over the next few years as banks and credit unions seek technology that enables them to perform against the pressures of competitors, consumers as well as regulators. In response, their appetite for hosted, open solutions will continue growing. Jack Henry & Associates' core banking strategy is aligned with these trends."
Of note, the report cited three key strengths of Jack Henry & Associates:
- Recent successes among large credit unions, as more than 100 billion-dollar credit unions have deployed Symitar's Episys;
- Overall attention to support and customer service; and
- Highly integrated product suites with strong integration tools for other third-party offerings.
David Foss, president and CEO of Jack Henry & Associates, added, "Financial institutions are under tremendous pressure to quickly address market demands and respond to customer expectations. Their core platforms must be flexible and receptive to change, and able to communicate well with other systems. We are proud of the core innovations taking place within Jack Henry, and appreciate the recognition by Aite Group for what we're doing. The trends observed in this report align with the direction our clients have taken in recent years, and with how we're thinking about the future of our technology."
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.
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 solutions serve almost 10,600 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a 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. 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.