June 20, 2012
Jack Henry & Associates
, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its
® division announced today that more than 100 clients are now processing on a
version of its two core systems via its OutLink Data Center™ offering.
Both of Symitar's core systems,
, are available for implementation in an in-house or a hosted environment. Clients can also migrate between the in-house and outsourced environments as their operations and business strategies evolve. The NCUA has tracked a growing industry-wide trend toward outsourcing, reporting that 32 percent of credit unions opted for a service bureau solution in 2011. Approximately half of Symitar's new business during that same year was with credit unions selecting hosted solutions.
Jo Ann Broderick
, CEO of
-based First Commonwealth Federal Credit Union, explained, "We felt that we could better leverage our core investment by choosing a hosted solution. Our IT staff is relieved from traditional computer operations and can now focus more on developing new product offerings and improving service. At the same time, we can take advantage of Symitar's continual evolution in functionality as well as its open infrastructure to accommodate the best of any complementary technologies." The credit union recently decided to convert to EASE™, the Episys outsourced solution.
-based Acadian Federal Credit Union converted to Cruise in the late 90s and migrated to the OutLink Data Center in
, CEO, added, "Our operations have become much more streamlined since migration. Inefficient time and resources once dedicated to balancing and administration are now in the past, saving us hours daily. An instant impact was also made on our business continuity planning, giving us peace of mind that – being in a hurricane-prone area – we have the offsite support to ensure system availability."
Symitar clients preferring to outsource their core processing still benefit from the organization's comprehensive support infrastructure, focus on regulatory compliance, and the ongoing implementation of technology advancements while eliminating the capital expenditures required for in-house environments. Hosted clients also have access to the same core functionality and integrated complementary products and services as credit unions with in-house installations.