MONETT, Mo., Dec. 7, 2021 /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 $1.02 billion-asset Westmark Credit Union will convert to Symitar in a private cloud environment.
Unable to easily add modern technology to its existing core, the Idaho-based credit union decided it was time to evaluate new core providers. They ultimately selected Symitar for its open and flexible infrastructure. Westmark liked how they could use the core as-is because of its extensive tools and functionality, or have the option to further tailor it if they wanted to. The credit union will benefit from built-in workflows that help automate processes and reduce opportunities for errors, as well as proven application programming interface (APIs) that will empower them to easily interface with fintechs of choice.
Don West, chief information officer at Westmark, said, "Symitar's technology and team closely aligned with our culture and future direction. Symitar's workflows and connectivity provide the opportunity to realize significant financial and efficiency gains. And most importantly, it gives us the optionality we need to integrate with the products and service providers of our choice. With Symitar, we can build the best technology plan for our unique business needs, fueling future growth and keeping a highly competitive pace with the accelerated speed of change in today's market."
Moving from managing its core in-house to a private cloud environment will enable the credit union to focus on improving the member experience and delivering a higher level of service. Resources will be used to enhance operations instead of managing day-to-day core maintenance and hardware updates. The hosted model will support its disaster avoidance, disaster recovery and business continuity efforts. This model allows for faster discovery times of events, leading to much faster resolutions that have less impact on the members and result in better member satisfaction.
Shanon McLachlan, vice president of Jack Henry and president of Symitar, added, "Jack Henry has seen a significant movement from on-premise to the private cloud environment with approximately 30 existing customers a year making the move, and this isn't limited to any asset size. While this shift continues to be a huge trend, so is the need to have a modern core that enables credit unions to provide their members with the options they need to succeed. Credit unions like Westmark are finding strategic value in cloud-based, flexible cores that enable them to better serve their members, trusting Symitar's dedicated support and proven technology to alleviate the stress of daily maintenance and operations."
Symitar, a division of Jack Henry & Associates, Inc.®, 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 700 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 (NASDAQ: JKHY) is a leading SaaS provider primarily for the financial services industry. We are a S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking® provides innovative solutions to community and regional banks; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in cloud-based digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? 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.
Analyst Contact: Vance Sherard, CFA, Sr. Director - Corporate Development & Investor Relations, (417) 235-6652; Press Contact: Mark Folk, Sr. Manager Corporate Comm, (704) 890-5323