Press
Symitar introduces CruiseNet, next-generation core platform
.NET architecture provides more than 170 Cruise credit union clients with added flexibility, efficiencies, and improved workflow
MONET, MO (November 7, 2013) — 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 CruiseNet®, the next generation of its Cruise® core platform.
CruiseNet is built on a .NET architecture, enabling it to be more intuitive and allowing for maximum efficiency. New features provided by CruiseNet include integrated loan collections, relationship pricing, risk-based lending and loan decisioning, accounts payable, fixed asset accounting, and customized workflow options for new members, new accounts, and new loans. As part of the improved user workflow, tasks such as membership and loan applications can be completed in minutes, without toggling between screens.
The core platform is available for in-house installation or implementation in a service bureau environment, making it possible for small and medium-sized credit unions to meet their business needs regardless of available IT resources.
DCH Credit Union, a long-time Cruise client, now operates on CruiseNet in-house. Angelic Pritchett, CEO and a former auditor, explained, “Symitar has significantly advanced the CruiseNet system and those advances are positively impacting our business and growth goals. The consolidation of different functions and the much-improved navigability have already had a positive impact on employees’ productivity. The efficiencies gained for our $30 million credit union enable our member service representatives to be even more attuned to member needs and the services we can offer.”
Credit unions are also benefiting from greater accessibility to Symitar’s complementary solutions as well as those provided by third-parties. CruiseConnect™ enables credit unions to integrate technologies with CruiseNet and seamlessly exchange data. This approach to enterprise integration allows credit unions to leverage existing and ongoing technology investments. Of particular note, jhaPassPort™ ATM and debit card processing will seamlessly interface with CruiseNet to provide instant verification of funds. These services combine automated teller machines and electronic point-of-sale-transactions into a single, scalable electronic system.
Great Meadow Federal Credit Union CEO Ryan Roberts, also a CruiseNet advisory board member, noted, “We really appreciate that Symitar continues to invest strongly in the research and development for CruiseNet. The CruiseNet platform further expands our features and functionality by enabling access to more third-party vendors; as a result, we’ve added a home banking and bill pay system that delights our members and has created a more efficient back office.”
Great Meadow runs CruiseNet in an outsourced environment. Roberts estimates that the CruiseNet environment saves about three hours a week on payment processing alone. It enables the $17.5 million credit union to have consistent updates and support without having a full-time IT department.
According to Ted Bilke, president of Symitar, “Our strong financial position allows Symitar to continue investing in developing and enhancing the CruiseNet system. Our credit unions have been instrumental in helping with new functionality and the transitions to the next-generation core system. We are excited about the introduction of this progressive platform and the tangible benefits it will generate for every Cruise client.”
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 sized. Symitar currently serves more than 750 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, Inc.
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 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community 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 best-of-breed solutions that enhance the performance of domestic and international financial institutions of all asset sizes and charters using any core processing system, as well as diverse corporate entities. 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.