Symitar gains six new billion-dollar core relationships
Established leader in billion-dollar core deployments adds record number of credit union clients from that peer group during first ten months of its fiscal year
SAN DIEGO, CA (April 27, 2017) — 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, included in its new core wins during the first ten months of its fiscal year, the company has added six new billion-dollar core credit union footprints for the Episys® system.
All of these credit unions are new clients for Symitar and have more than $1 billion in assets, committing to the Episys platform because of its open infrastructure, functionality, and ease of customization. Forging six new billion-dollar credit union relationships in one fiscal year breaks the company’s previous record of five; its fiscal year ends June 30. Symitar currently maintains more than 40 percent market share of this peer group for core processing.
The $1.3 billion-asset Credit Union of Texas out of Dallas is one of these additions, selecting Episys for in-house processing. Eric Pointer, the credit union’s president, said, “We identified the need for a core partner that could deliver both internal process efficiencies and the technology to better serve our members. Episys is simply the best fit for our needs due to its high level of customization and extensive third-party integration. The system possesses a level of flexibility and scalability that can effectively grow with us in the future.”
Four of the other credit unions will also deploy Episys in-house, including the $1.1 billion Black Hills Federal Credit Union in Rapid City, S.D., and $2.3 billion Langley Federal Credit Union in Newport News, Va.
St. Paul, Minn.-based Affinity Plus Federal Credit Union with assets of $1.9 billion was the record-breaking sixth billion-dollar signing. The credit union has opted to run Episys in an outsourced environment via Symitar EASE™. This delivery model is attractive to Affinity Plus because of how it will allow the credit union’s team to focus on optimal system utilization and efficiency. Affinity Plus wants to afford its IT staff the time to really partner with various business units on using Episys to its fullest, and in turn enable those business units to be as efficient as possible.
All six credit unions will implement multiple other offerings from Jack Henry & Associates to further enhance their core platform. Two solutions consistently included across each of these new relationships are Symitar’s Advanced Reporting for Credit Unions™ for business intelligence and analytics, and Episys® Data Store™ for near real-time analysis and reporting. Together, these tools arm credit unions with a meaningful view of their data for more effective, proactive decision making.
Ted Bilke, president of Symitar, said, “Our Episys system continues to prove its value for credit unions of all sizes. It has the most diverse user base in the market, and is the most widely deployed core platform. While we’ve served a large share of the billion-dollar space for a while now, we are excited to bring more credit unions of this size into the Episys family. Oftentimes it is these clients who help drive ideas and innovation for the entire Episys community, finding new ways for credit unions to better serve their members year after year.”
This week, Symitar hosts its annual Executive Forum in Las Vegas, an event that brings together Episys credit union executives to talk candidly about their core platform’s latest enhancements, new ideas, and industry trends. This year’s gathering will have executives from more than 60 billion-dollar credit unions, another company milestone.
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 725 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 & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its solutions serve more than 10,000 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a 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. Additional information is available at www.jackhenry.com.