Callahan's 2006 Credit Union Technology Survey Ranks Symitar(TM) as the Industry's Leading Provider
- Annual Survey Confirms Episys(R) is the Most Widely Adopted Core Processing Platform for Seventh Consecutive Year -
SAN DIEGO, Aug. 28 (allCUnews) -- Symitar, a subsidiary of Jack Henry & Associates, Inc. (Nasdaq: JKHY - News) that provides credit unions with software systems and related services, today announced that the 2006 Credit Union Technology Survey, conducted and published by Callahan and Associates, has once again ranked the Episys system as the most widely adopted core processing platform among credit unions with assets exceeding $25 million. The 2006 survey marks the seventh consecutive year that Symitar has received this industry-leading ranking.
According to the Callahan survey (pages 55 through 58 of the 2006 survey), 146 credit unions with more than $25 million in assets converted to a new core processing solution during calendar year 2005. The survey reports that 36 of these credit unions converted to Episys from 19 competitive platforms, which is more than three-times the number converting to the second most widely adopted core processing solution.
This survey also reports (page 52 of the 2006 survey) that Episys now supports 424 credit unions, which represents a 73 percent increase in Episys users during this same seven-year time period, and more conversions than the next five most widely adopted core processing solutions combined.
Symitar also reported that Episys is used by 30 of the 107 credit unions with assets (as of May 1, 2006) exceeding $1 billion, and that it supports more than 180 additional credit unions outside the asset-based parameters of the Callahan survey with its Windows®-based, client/server Cruise® core processing solution.
According to Jack Prim, CEO of Jack Henry & Associates, "Callahan is an independent and respected source of information about the credit union industry. It is extremely rewarding to once again have our progress, competitive position, and industry leadership validated by the results of Callahan's impartial survey. We believe the year-over-year increase in Symitar's client base is based on our ability to provide the core functionality, the integrated complementary products and services, the proven technology, and the service levels credit unions need to attract, serve, and retain their members."
Episys is a competitively distinct, member-centric system that supports diverse credit unions by integrating highly customizable core functionality with an extensive suite of complementary products and services. This best-of-breed product approach empowers credit unions with integrated access to state-of-the-industry business intelligence, member benefits, EFT and Internet banking, asset management and protection, and item and document imaging solutions. Episys also provides the unique ability to leverage existing and ongoing technology investments with open connectivity to third-party products. This intuitive, easy-to-use system deploys browser-enabled technology, drag-and-drop transaction functionality, user-friendly toolbars and wizard-based assistance. The ability to support customized work flows and both in-house and service bureau operating environments, and the scalable IBM® System p(TM) (formerly the IBM pSeries) hardware platform maximize each client's long-term technology investment.
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.