MONETT, Mo., Feb. 23, 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 during calendar year 2010, its Jack Henry Banking™ division generated strong sales of the jhaPassPort suite of ATM and debit transaction processing services. More than ninety new processing contracts were signed with the banks currently automated by the company's core systems.
The company also generated record cross sales with the add-on solutions included in the jhaPassPort suite. These cross sales were led by the new jhaPassPort Fraud Center, which is powered by the Prism® neural network fraud detection and prevention solution provided through a strategic partnership with Retail Decisions (ReD), a world leader in card fraud prevention and payment processing. Financial institutions using the legacy fraud solution were also successfully migrated to jhaPassPort Fraud Center during 2010.
The company also reported an 18 percent increase in transactions during the same time period and a record backlog of new clients pending conversion to the jhaPassPort Electronic Funds Transfer (EFT) platform.
According to Terry McMullen, general manager of Electronic Services for Jack Henry & Associates, "There are a variety of EFT platforms on the market today but the jhaPassPort suite provides a very important point of competitive differentiation – full integration with our core systems and with more than a dozen of our complementary solutions including our Internet banking, check imaging, interactive voice response, platform and teller, customer rewards, and business intelligence solutions. Our core clients simply can't get this level of value-added integration with any other EFT solution and the benefits of this tight integration are significant. Our fundamental commitment to integration eliminates the unavoidable problems associated with interfacing disparate products and managing independent 'islands of technology'. Full integration also eliminates the resources our clients would need to interface multiple products from multiple vendors, the impact of ongoing releases on those interfaced products, and the manual processes that just can't be fully automated by interfacing disparate products."
Stan Viner, general manager of Sales for Jack Henry Banking, said, "We are excited about our success expanding more than 90 of our client relationships with our EFT platform and the endorsement these distinct evaluations and decisions represents. It's very rewarding when our clients expand their relationships with us based on their satisfaction with the JHA solutions they already have implemented, the service levels we provide day-in and day-out, and the value they place in our commitment to provide fully integrated business and banking solutions. We believe the move to jhaPassPort will enable each of these institutions to enhance customer service and satisfaction, generate additional operational efficiencies, and enhance the security of their mission-critical ATM and debit card offering."
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 approximately 1,500 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 11,200 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.