MONETT, Mo., Sept. 30, 2015 /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 it secured 31 new core system takeaways during the 2015 fiscal year, which ended June 30. Today, Symitar serves approximately 850 credit union clients.
Twenty-five of Symitar's core wins were for Episys®, which supports more credit unions than any other single platform in the industry. The Episys system now serves more than 100 credit unions with greater than $1 billion in total assets. This large credit union milestone is attributed to both significant competitive takeaways as well as the organic growth of credit unions that are already leveraging Episys.
Minnesota-based TruStone Financial Federal Credit Union is one of those growing credit unions. Tim Bosiacki, its chief executive officer, said, "The reliability of the Episys platform has allowed TruStone Financial to focus its efforts on expanding product offerings and technologies. Implementing a flexible system has given our credit union a competitive advantage in a crowded financial landscape. We now have the opportunity to innovate and customize solutions to better fit our members' needs."
Even with its growth of billion-dollar credit unions, Symitar continues to diversify its client base. The $234 millionTEG Federal Credit Union based in New York is among the new credit unions selecting Symitar during fiscal year 2015. Ron Flaherty, president and CEO, explained, "The Episys system provides core capabilities we want to utilize, and will provide us with the power and openness to react to member needs for the long term. Symitar's culture is open too; we have access to executives when we want it and our implementation team has demonstrated a sincere interest to get the job done."
The remaining six core wins were for CruiseNet®, Symitar's core processing system for small and mid-sized institutions built entirely on a .NET architecture to cost effectively scale as these institutions grow.
In addition to core takeaways, Symitar continues to have interest from its current clients to perform their processing through the outsourced delivery model. Fifteen existing in-house Episys credit unions elected to migrate to EASE™, the outsourced delivery solution for Episys, and seven others chose to outsource CruiseNet through JHA OutLink Processing Services™. Symitar now supports over 125 Episys clients and more than 70 CruiseNet clients with its outsourced offerings.
Ted Bilke, president of Symitar, said, "More than ever, credit unions need a nimble core system that can support their evolving branch strategy, expanding product offerings and growing memberships. Symitar builds its product roadmap with this in mind, and we're committed to helping our clients realize their full potential. We are excited about our newest credit union relationships, and eager to help drive their growth."
About Symitar
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is a leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by approximately 850 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 technology solutions and payment processing services primarily for the financial services industry. Its solutions serve almost 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a 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. 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.
JKHY-SY
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/symitar-wins-31-competitive-takeaways-for-fiscal-year-2015-300151387.html
SOURCE Jack Henry & Associates, Inc.
