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MONETT, Mo., Sept 15, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Jack Henry & Associates, Inc.( )(Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, announced today that its Remote Deposit Capture (RDC) solution continues to set new transaction volume records. RDC is a Web-based electronic payment processing platform that enables businesses to make remote deposits by scanning the checks they receive as payment and converting them into electronic transactions that are processed through the ACH or Check 21 image exchange networks.
Jack Henry & Associates sells its RDC solution to financial institutions and other businesses outside the financial services industry that in turn offer it to their merchant and business customers. This sophisticated RDC solution now supports more than 22,000 merchants and 85,000 merchant locations. RDC is an enterprise-wide solution for Jack Henry & Associates that is sold to the core bank clients supported by Jack Henry Banking(TM), to the core credit union clients supported by Symitar(TM), and to financial institutions outside the company's core client bases and to other diverse businesses by its ProfitStars((R) )division.
After a record-setting July, during which more than 11,350,000 RDC transactions were processed, volumes continued to increase and another monthly record was set in August with more than 11,685,000 RDC transactions processed. The collective transactions processed during this two-month period represent in excess of $18 billion.
An all-time daily record was also set on August 3, 2009 when approximately 875,000 transactions were processed, representing in excess of $800 million in collective transaction amounts and approximately 100,000 more transactions than the previous daily record.
Bill Phillips, group president for ProfitStars' Enterprise Payment Solutions (EPS) group, said, "RDC is evolving into a service financial institutions must offer to successfully compete for and retain lucrative commercial customers. This high-demand service generates tangible benefits for our financial institution clients including the ability to expand their reach beyond their traditional markets, enhance their competitive position and customer convenience, increase revenue, and improve operating efficiencies. This convenience-driven service also generates an important benefit for businesses that are concerned about cash flow in the challenging economic environment since RDC expedites funds availability and reduces routine business expenses."
According to David Foss, president of ProfitStars, "We believe the record-setting transaction volumes demonstrate the growing demand for remote deposit capture and the growing acceptance of electronic transactions among diverse merchants and businesses. We also believe that this success is a testament to the sophistication of our transaction processing platform and the hard work and commitment of our EPS group. We are excited about the significant transaction volume increases we are seeing and about the adoption rate among merchants. During the past 18 months, the number of merchants using our RDC solution has more than doubled from approximately 11,000 to more than 22,000. There is tremendous momentum behind our RDC solution which we plan to maintain with aggressive and targeted sales efforts, and by ensuring our RDC solution continues to deploy leading-edge payment processing technology and is backed by distinct service levels."
As a natural complement to its Remote Deposit Capture solution, Jack Henry & Associates also offers Dep@sit(TM), a micro business capture solution that enables small businesses and individuals to deposit small numbers of checks remotely using off-the-shelf home flatbed scanners.
About ProfitStars
ProfitStars, a division of Jack Henry & Associates, Inc., provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control and complement virtually any core information processing platform. Additional information is available at http://www.profitstars.com.
About Jack Henry & Associates
Jack Henry & Associates, Inc. is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 9,800 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information and transaction processing solutions. Symitar is the leading provider of information and transaction 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.
http://www.jackhenry.com
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