MONETT, Mo., Dec. 16, 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 Symitar® division announced that $2 billionCitadel Federal Credit Union has selected Episys® for in-house core processing.
The Pennsylvania-based credit union had not made a core change since the mid-1980s. Instead the decision was delayed and systems acquired through the years were pieced together. Citadel executives were waiting for the "right technology to come along," which meant having a balance of stability as well as evidence of innovation. The credit union found that Symitar's scalable Episys system supports complex product offerings while also delivering progressive options for core processing and complementary services.
Jeff March, president and CEO of Citadel, said, "With every peer reference, we continued to hear instances of Symitar being responsive in client support and hitting deadlines when converting and delivering other services. That type of relationship is important to our credit union, heading into the conversion as well as for the long term."
Citadel acknowledged a confidence in the Episys toolset to enhance processing and workflow, improving its member interaction. The credit union views Symitar's Episys as a strong base package that provides opportunities for growth and flexibility, particularly with access to the PowerOn Marketplace® - a collaborative environment for Episys credit unions to securely exchange programs and applications they have built to further improve system functionality and performance.
According to Ted Bilke, president of Symitar, "Citadel performed a wealth of due diligence before making its core conversion decision and Episys proved to be both reliable and innovative over the years. The open architecture of Episys enables any credit union to configure its core system for optimal adaptation of specific business needs. Giving our clients this type of flexibility allows them to grow membership as well as expand products and services at a healthy rate. This is evidenced by our hundreds of long-term credit union clients that see an average of 15-25 percent growth in assets per year since conversion, some even higher."
About Symitar
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is the leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 800 credit unions, serving 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 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 multi-billion dollar 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.
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SOURCE Jack Henry & Associates, Inc.
