MONETT, Mo., Sept 06, 2007 /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, today announced it has established a strategic alliance with HealthEquity, Inc., a leading administrator of health savings accounts (HSAs). This alliance will enable Jack Henry & Associates to offer its bank and credit union clients a turnkey administration solution for HSAs.
"We are pleased to have the opportunity to provide our HSA outsourced solution to Jack Henry's large base of financial institution customers," said Steve Neeleman, CEO of HealthEquity, Inc. "Our HSA solution will provide an easy-to-use and cost-effective means for these banks and credit unions to offer HSAs to their employees and their consumer customers."
According to Debbie Wood, general manager of Marketing and Strategic Initiatives for Jack Henry & Associates, "One of our fundamental goals is to provide the broad array of technology solutions financial institutions need to respond to today's consumer demands. Based on the projected growth of HSAs, an administrative solution for these accounts is a natural expansion of our product offering. We respect the expertise and infrastructure it takes to administer these qualified accounts, and we determined it was in the best interest of our clients and our company to partner with an established company that offers a proven solution. We are confident that HealthEquity's HSA solution is consistent with our high standards for product and service quality, and will meet the expectations of our valued clients."
Health savings accounts were created by the Medicare Prescription Drug, Improvement and Modernization Act of 2003. These accounts enable individuals to pay for current medical expenses and save for future qualified medical expenses on a tax-free basis. All HSA funds are held on deposit in omnibus accounts at banks and credit unions.
According to the United States Department of the Treasury, approximately 3.2 million individuals have established HSAs since 2004 and collectively have invested more than $1 billion. The Treasury Department projects that more than 14 million HSAs representing 40 to 45 million Americans will be opened by 2010.
The HSA solution offered by HealthEquity will provide Jack Henry's bank and credit union clients with a turnkey, outsourced administration solution that encompasses convenient deposit and withdrawal alternatives, multiple investment options, 24-hour customer service, and a state-of-the-art portal for account holders.
About HealthEquity, Inc.
HealthEquity is a personal healthcare financial services company that provides health insurers, benefits administrators, employers, and financial institutions with an integrated health savings account, claims payment, and advisory service platform. HealthEquity helps consumers understand and manage the financial side of health care by aggregating consumer information, analyzing personal data, and advising consumers on how to best manage their health equity. Every HealthEquity member is supported by 24/7 access to a knowledgeable health advisor dedicated to helping consumers better understand and manage the financial side of health care. To learn more about HealthEquity, please visit http://www.healthequity.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions, which are now serving more than 8,700 customers nationwide, 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(TM) is the leading provider of information and transaction processing solutions for credit unions of all sizes. ProfitStars(TM) 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 http://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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