MONETT, Mo., Jan. 28, 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 Jack Henry Banking® division announced today that Merchants Bank has selected its SilverLake System® core processing platform to provide enterprise-wide automation. This Vermont-based mid-tier bank, which has more than $1.7 billion in assets, will implement SilverLake through Jack Henry Banking's outsourced offering, JHA OutLink Processing Services™.
According to Zoe Edrman, senior operations officer of Merchants Bank, which is the largest independent bank in Vermont, "We have processed in-house for more than 20 years and had reached the point in our technology lifecycle that we needed more sophisticated core capabilities, access to more fully integrated complementary solutions, and a true technology and business partner rather than a vendor. We engaged a consulting firm to manage our evaluation and selection process and spent a significant amount of time evaluating Jack Henry Banking, its infrastructure, its culture, its products and services, and the satisfaction level among existing customers. Our evaluation convinced us that Jack Henry Banking wants to be the business partner we need and that we will not be treated like just another customer. Our visit with the company's executive team and our candid interaction with bankers using SilverLake and its complementary solutions also convinced us that we will receive consistent outstanding service levels and that our bank will benefit near- and long-term from high quality, banker-driven products and services."
Geoff Hesslink, the bank's COO, said, "Considering the inherent and growing challenges of in-house processing, we also decided our conversion to a new core system was the ideal time to move to an outsourced processing environment. Outsourcing our information and transaction processing to Jack Henry Banking will enable us to strategically focus on serving our customers and growing our business rather than managing a complex datacenter and dynamic technology. Outsourcing will also provide more seamless access to the complementary products and services that are integrated with SilverLake, much more predictable operating costs, and the flexibility and scalability to more effectively and efficiently evolve our business to proactively support our customer and market requirements."
Stan Viner, general manager of sales for Jack Henry Banking, said, "The bankers at Merchants Bank clearly understood there is more to selecting the right long-term technology platform and partner than just evaluating features and functions. Representatives of this bank attended our 2013 educational conference where they had the opportunity to attend product-specific training classes and detailed product demonstrations, network with hundreds of other bankers that have real-world experience with our solutions, and investigate the business and banking solutions provided by Jack Henry Banking and our business partners. Representatives of this bank visited 'the mountain,' our one-of-a-kind underground disaster recovery facility located in Branson, Missouri. This hardened, state-of-the-art facility is used to replicate our data centers and is a competitively distinct component of our disaster recovery offering. Representatives of this bank also visited the SilverLake data center in Allen, Texas and our corporate headquarters in Monett, Missouri. We appreciate and respect the time and resources this bank invested in its evaluation and the unique, forward-thinking aspects of its due diligence process."
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 11,300 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, Inc.