Symitar(TM) Signs 500th Episys® Client
Share:
- $1.3 Billion Technology Credit Union Represents 500th Credit Union to Evaluate and Select Episys to Provide Enterprise-Wide Automation -
MONETT, Mo., Aug. 7 / / - Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Symitar, its subsidiary that provides credit unions with software systems and related services, has signed its 500th Episys client. California-based Technology Credit Union (Tech CU), which is among the top one percent of the nation's largest credit unions with approximately $1.3 billion in assets and more than 76,000 members, will install the Episys core processing platform in-house.
Kathy Hooker Burress, president of Symitar, said, "The addition of Technology Credit Union to our client roster is an important milestone for our company. Tech CU is the 500th credit union that evaluated core systems and ultimately selected Episys. Five hundred unique credit unions, 500 very diverse evaluations, 500 individual decisions based on distinct selection criteria. We believe building the industry's largest organic user base one credit union at a time provides an unprecedented endorsement of the functionality Episys provides, of our commitment to client service and care, and of the fundamental way we conduct business and manage our client relationships. It is also extremely rewarding to look back at our client retention rate. Our first client is still a satisfied Episys user and only four credit unions elected to move from Episys in the 22 year history of our company."
According to Ken Burns, CEO of Tech CU, "Considering our field-of-membership consists of high-tech individuals employed by technology firms in the Silicon Valley, our credit union needs to be on the forefront of technology so we decided to investigate alternative core processing solutions. Our year-long evaluation included top-tier core systems and a comprehensive RFP process that focused on each system's ability to support our business needs rather than traditional feature/function comparisons. A variety of factors ultimately supported our Episys decision, including the system's demonstrable openness, flexibility, and extensive customization opportunities. Symitar's dominance with credit unions similar to ours in asset size also played an important role in our decision. Including Tech CU, 38 of the 123 credit unions that currently have more than $1 billion in assets have selected Episys as their core processing system. References from Symitar's existing clients and our visits to credit unions running Episys also were very impressive."
Leslie Jeffries, senior vice president and CIO of Tech CU, said, "I am keenly aware of the expectations our high-tech members have for our technology infrastructure and capabilities, and I am confident Episys will meet those expectations. In addition to the broad functionality Episys provides and the ability to customize that functionality, Symitar's SymConnect(TM) application will enable us to support our dynamic processing requirements with applications we develop internally. With SymConnect, we can support our proprietary applications with real-time, interactive data exchanges to and from Episys. I also was adamant about selecting a technology partner with a conversion process that provides the least amount of conversion-related risk. I believe Symitar's proven process will avoid a stumble during our conversion and existing Episys clients validated that belief."
Jack Prim, CEO of Jack Henry & Associates, concluded, "In addition to this milestone event and the addition of Technology Credit Union to our client roster, we are excited about the tremendous growth Symitar has experienced since being acquired by Jack Henry & Associates. During the 15 years between 1985 when Symitar was founded and the June 2000 acquisition, Symitar earned 237 Episys clients. During the seven years since the acquisition, Symitar has more than doubled its market presence, adding 263 credit unions to its Episys user base. We believe Symitar is strategically positioned to maintain its industry leadership with a strict focus on product and service quality."
In addition to Episys, Tech CU will initially install several of Symitar's complementary solutions, including the Synergy enterprise document management platform, Business Analytics business intelligence and analysis platform, Synapsys(R) sales force automation system, Yellow Hammer(TM) BSA compliance and risk mitigation solution, and Biodentify(R) biometric identity management.
About Technology Credit Union
Technology Credit Union is a full-service, financial institution serving individuals who work, live, go to school or regularly worship in Santa Clara, Alameda, Contra Costa, Santa Cruz, San Mateo and San Francisco counties. Tech CU was started in 1960 and is now among the top 1 percent of the nation's largest credit unions. With over $1.2 billion in assets and nine full-service branches around the Bay Area, Tech CU is a leader in the credit union industry.
Additional information about Tech CU is available at http://www.techcu.com/.
About Symitar
Symitar, a wholly owned subsidiary of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for credit unions now serving more than 600 credit union clients throughout the United States and abroad. For additional information about Symitar, visit the company's Web site at http://www.symitar.com/.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. is a leading provider of integrated computer systems and processor of ATM/debit card/ACH transactions for banks and credit unions. Jack Henry markets and supports its systems throughout the United States, and has more than 8,700 customers nationwide. For additional information on Jack Henry, visit the company's Web site at http://www.jackhenry.com/.
Source: Jack Henry & Associates, Inc.
Web site: http://www.jackhenry.com/
http://www.techcu.com/
http://www.symitar.com/
