Twenty-eight new credit union core processing clients were signed by the Symitar division of Jack Henry & Associates in the fiscal year that ended June 30, the Monett, Mo., company said.
Symitar is launching its own collaborative marketplace for credit unions to develop, share and sell their add-ons to the Episys core processing platform.
Jack Henry & Associates division says new signees split evenly between in-house, outsourced deployments.
PowerOn Marketplace is named after the customization tool the core processor offers credit unions to allow them to develop custom applications.
More than 100 of Symitar’s 750 or so credit union clients are now processing on hosted versions of its Episys and Cruise platforms through the core processor’s OutLink Data Center operation, the company said.
Third-party integration and increased efficiencies were cited in the decision by the $1.8 billion Summit Credit Union in Madison, Wis., to convert to the Symitar core processing platform from Jack Henry & Associates, the company and credit union said.
Symitar says more than 100 credit unions now on hosted versions of its Episys and Cruise platforms through the core processor’s data centers.
Efficiencies, third-party integration cited in decision to switch platforms.
Pima FCU, a $382.9 million credit union based in Tucson, Ariz., could have spent an unnecessary $160,000 on new cash-dispensing and recycling machines this year. But thanks to the reporting and analytics tools in the CFM S4 cash flow management solution from Chandler, Ariz.-based vendor Cash Flow Management Inc.
Robert Taylor was so impressed with the core processing system at the smaller credit union his Idaho State University Federal Credit Union was merging that the CEO is not only keeping that platform around, he’s buying a piece of the company.