Credit unions with Symitar's Episys® core processing system installed in-house are moving to Symitar EASE™ (Episys as a Service), which is the outsourced version of the industry-leading core system, at an accelerating rate. Only one credit union migrated to EASE in 2008 and seven have migrated during the past six months alone. More than 100 credit unions have now elected to outsource their transaction and information processing to Symitar.
Connecticut-based First New England Federal Credit Union is among the institutions migrating to outsourced processing. According to Michael Palladino, the credit union's president and CEO, "We converted to Symitar EASE in March 2011 and that fall experienced a hurricane and October snowstorm. These storms caused the worst power outages in our state's history, yet EASE kept debit, ATM, shared branching, home banking, and bill pay online throughout. Symitar EASE also provides great service through our client relationship manager, while retaining the best aspects of the custom automation that we put in place when we used in-house processing. The service bureau model has worked great to keep us up, connected, and nimble in responding to changes in our business. We are positioned to take advantage of new, evolving technology trends without the staff commitment that would have previously entailed."
Ted Bilke, president of Symitar, said, "EASE leverages Jack Henry & Associates' extensive infrastructure and sophisticated processing environment which eliminates the significant capital expenditures credit unions need for in-house installations and ongoing hardware maintenance and upgrades. It also eliminates the resident resources needed to operate and manage in-house data centers, and materially reduces disaster recovery planning and preparation and the ever-increasing regulatory burdens and concerns. It expedites credit unions' speed-to-market with new financial products and services, and enables them to dedicate their employee resources to member service and optimizing their business strategies."
About First New England Federal Credit Union
First New England Federal Credit Union was founded in 1938. It has assets of $72 million and 10,600 members. Based in East Hartford, Connecticut, First New England is dedicated to providing members' innovation and service excellence. It offers a comprehensive array of loan/account products in-branch and via e-services with a focus on credit score enhancement. Its wholly owned mortgage subsidiary, Mortgage Markets CUSO, serves 22 credit unions facilitating sales to the secondary mortgage markets.
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 currently serves more than 700 credit unions 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
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 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking™ supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar is the 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. iPay Technologies™ operates as a leading electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. 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.
