Monett, Mo., Aug. 31, 2015 – Credit unions and third-party vendor partners can now more easily access and personalize data and business rules of the Episys core processing system, with the release of SymXchange™ by Symitar®, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry.
SymXchange’s service-oriented architecture supports interactive data exchanges through standard programming languages such as Java and C#. This offers stakeholders a well-known approach (rather than the commonly used core system’s proprietary language) and reduces any learning curve, allowing credit unions to leverage a larger talent pool of IT resources. Developers can take action such as posting transactions, executing multistep processes, running PowerOn® scripts, or querying, deleting, and editing data with minimal steps. Programmers use a fraction of the coding that was once required from standard development tools.
Nearly 50 beta credit unions have implemented SymXchange today, and approximately 200 more are licensed through Symitar and CUSOs. Several third-party vendors have begun upgrading their solutions to interface with SymXchange.
Quorum Federal Credit Union, a full-service financial institution serving over 75,000 members across all 50 states, has been using SymXchange to improve workflow and has created enhancements to eliminate redundancies such as multiple log-ins and toggling between systems. The resulting efficiencies dramatically improved Quorum’s front-line staff capabilities and have enabled the credit union to respond to member requests in near real time.
Kevin Dono, business services senior director for Quorum, commented, “I have yet to come across any limitations to integrating with SymXchange. Whenever we have a project, I can have my developers work in C# to produce an easy, fast, and inexpensive code.”
SymXchange not only enhances the efficiency of Episys, it also eliminates traditionally costly customization and integration initiatives. By taking control of the coding, credit unions no longer have to pay for core customization or wait in a queue for such services. “We have developed interfaces for—to name a few— member boarding, wire processing and loan booking to meet our needs on our timelines, based on the rapidly changing needs of our business,” said Dono.
Ted Bilke, president of Symitar, said, “SymXchange is a cornerstone piece of the Episys roadmap. The interface enables credit unions to make their own technology choices and truly differentiate their unique cultures in the markets they serve. As a result, credit unions of all sizes can affordably broaden their product offerings and serve more targeted member segments.”
To offer a more secure interface, SymXchange uses TLS encryption, mutual authentication, and an increased number of available credentials. The integrity of Episys core system is maintained throughout any data exchange, because access to business rules and data is managed through a services layer, which governs these interactions.
Symitar, a division of Jack Henry & Associates, Inc. (NASDAQ:JKHY), is a leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 800 credit unions, serving 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 technology solutions and payment processing services primarily for the financial services industry. Its solutions serve almost 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. 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.