MONETT, Mo., June 20, 2012 /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 more than 100 clients are now processing on a hosted version of its two core systems via its OutLink Data Center™ offering.
Both of Symitar's core systems, Episys® and Cruise®, are available for implementation in an in-house or a hosted environment. Clients can also migrate between the in-house and outsourced environments as their operations and business strategies evolve. The NCUA has tracked a growing industry-wide trend toward outsourcing, reporting that 32 percent of credit unions opted for a service bureau solution in 2011. Approximately half of Symitar's new business during that same year was with credit unions selecting hosted solutions.
Jo Ann Broderick, CEO of Pennsylvania-based First Commonwealth Federal Credit Union, explained, "We felt that we could better leverage our core investment by choosing a hosted solution. Our IT staff is relieved from traditional computer operations and can now focus more on developing new product offerings and improving service. At the same time, we can take advantage of Symitar's continual evolution in functionality as well as its open infrastructure to accommodate the best of any complementary technologies." The credit union recently decided to convert to EASE™, the Episys outsourced solution.
Louisiana-based Acadian Federal Credit Union converted to Cruise in the late 90s and migrated to the OutLink Data Center in February 2012. Sandra Williams, CEO, added, "Our operations have become much more streamlined since migration. Inefficient time and resources once dedicated to balancing and administration are now in the past, saving us hours daily. An instant impact was also made on our business continuity planning, giving us peace of mind that – being in a hurricane-prone area – we have the offsite support to ensure system availability."
Symitar clients preferring to outsource their core processing still benefit from the organization's comprehensive support infrastructure, focus on regulatory compliance, and the ongoing implementation of technology advancements while eliminating the capital expenditures required for in-house environments. Hosted clients also have access to the same core functionality and integrated complementary products and services as credit unions with in-house installations.
According to Ted Bilke, president of Symitar, "Credit unions' decisions to outsource their core processing are certainly a trend, as demonstrated in our own business as well as on the broad industry scale. Between our two cores, Symitar can support credit unions of any size. Having both in-house and hosted options available for each platform further ensures we can provide a custom solution to any institution based on a best-fit scenario."
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is the leading provider of integrated computer systems for credit unions of all sized. Symitar currently serves more than 750 credit unions 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 technology solutions and payment processing services primarily for financial services organizations. Its technology solutions serve more than 11,900 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 eectronic 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.