16 CUs Move to Symitar Outsourcing
Jack Henry & Associates said it has moved 16 credit unions running its Symitar core platform in-house to the company’s service bureau offering in the past 18 months.
More than 100 credit unions now outsource their transaction and information processing to Symitar, of a customer base of more than 700 credit unions. Dozens more outsource through such organizations as Wescom Resources Group, Synergent and Member Driven Technologies.
Only one converted to Symitar EASE (Episys as a Service) in 2008 compared with seven in the past six months alone, the company said.
The $74 million First New England FCU in Hartford, Conn., converted to Symitar EASE in March 2011 and several months later experienced a hurricane and October snowstorm that caused the state’s worst-ever power outages.
“EASE kept debit, ATM, shared branching, home banking and bill pay online throughout,” said CEO Michael Palladino. “The service bureau model has worked great to keep us up, connected and nimble in responding to changes in our business. We are positioned to take advantage of new, evolving technology trends without the staff commitment that would have previously entailed."
The Symitar operation is based in San Diego. Corporate owner JHA is in Monett, Mo.