Coastal Credit Union Converting to Symitar’s Episys System
- Core system provides fast and easy flow for information exchange across multi-channel environment -
MONETT, Mo., March 27, 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 has announced that $2.2 billion Coastal Credit Union in Raleigh, N.C., is installing the Episys(®) core platform in-house.
Coastal Credit Union was the largest credit union on its current core system and had exceeded the system’s functional capabilities. The credit union needed additional flexibility to address operating inefficiencies and re-engineer processes, and wanted the ability to creatively extend the core’s functionality as its processing requirements evolve. Episys will seamlessly support these requirements and enable the credit union to be more agile in delivering new financial products and options for serving its members. Coastal Credit Union also found that with Symitar, it can proactively collaborate with other large credit unions to continually advance the functionality of the core with custom programs and applications. More than 35 percent of U.S. credit unions with more than $1 billion in assets are now automated by Episys.
Tami Langton, vice president of business transformations at Coastal Credit Union, explained, “Symitar’s Episys system offers the fast, easy flowing transfer of information and transactions across a multi-channel environment. As channels grow increasingly complex, the core has to be nimble enough to support real-time channel needs and not create barriers to the movement of data between those channels.”
Coastal Credit Union was the thirteenth financial institution in the world to move money online and was integral in the introduction of an industry-leading video teller platform; innovation is part of its culture. The credit union values Symitar promoting an environment of in-house innovation, where clients are encouraged to enhance the core functionality with custom programs and applications that can be shared via the PowerOn Marketplace(TM). Supported by Symitar, the PowerOn Marketplace provides a centralized community for users to share, review, and adopt ideas and custom programming solutions independent of the core code.
Coastal Credit Union was also drawn to Symitar’s solid infrastructure of existing complementary product partners and the ability to leverage the inherent flexibility and openness of Episys to incorporate proven products and services and new technologies with ease.
According to Ted Bilke, president of Symitar, “Our people, core and complementary solutions, and client collaboration align with Coastal Credit Union’s own culture. It is important for us to provide the tools for credit unions to advance their role in the financial ecosystem, and at the same time have credit unions that take a vested interest in furthering the collective strength of their peers.”
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 11,900 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 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.
SOURCE Jack Henry & Associates, Inc.