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Symitar Earns Significant Core Wins In First Half Of Fiscal Year 2013

Stocks in this article: JKHY

MONETT, Mo., Feb. 13, 2013 /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 today announced that it won 18 new credit union relationships for its Episys® core platform during the first half of the organization's 2013 fiscal year, which spanned July 1 to Dec. 31, 2012. More than 35 percent of credit unions with more than $1 billion in assets are now automated by Episys, which has the largest market share of credit unions with assets exceeding $50 million.

Dallas, Texas-based Neighborhood Credit Union is one of those new Episys clients. Chet Kimmell, president and CEO, explained, "After a very comprehensive review of a number of solutions, Symitar by far had the most to offer our credit union for long-term success. The Episys system is nimble to support both current and future needs, and this organization stands behind its technology with strength and service."

Symitar also continues experiencing strong demand by credit unions of all sizes to outsource. In addition to the new core deals, 14 credit unions elected to migrate from their current in-house Symitar systems to its outsourced solutions. Four of these credit unions elected to migrate to Symitar EASEā„¢, the Episys outsourced solution, and 10 moved to the Cruise® outsourced solution during this time.

Symitar provides an array of complementary products and services strategically integrated with Episys and Cruise, including the credit, debit, and ATM card processing services available through JHA Payment Processing Solutions® (PPS), a business unit of Jack Henry & Associates. Of the new core wins and migration decisions, seven Episys clients and five Cruise clients also selected PPS in the first half of the 2013 fiscal year.

Joel Forbess is executive vice president at Memphis, Tennessee-based Kimberly Clark Credit Union, an Episys client for more than 10 years. Already running credit processing through PPS, the credit union recently decided to convert its debit card program to PPS as well. Regarding that move, Forbess said, "The opportunity to consolidate these functions and maintain a single point of contact for settlements, adjustments, and reconciliations was enticing. And, the automated notes between Episys and PPS will be an even greater time saving solution for our staff."

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