Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a provider of tech solutions and payment processing services for the financial services industry. Its Symitar division announced that $1.02 billion-asset Westmark Credit Union will “convert to Symitar in a private cloud environment.”
Unable to seamlessly add modern tech to its Core stack, the Idaho-headquartered credit union decided it was time to “evaluate new core providers.”
They selected Symitar for its “open and flexible infrastructure.” Westmark liked how they could use the core as-is “because of its extensive tools and functionality, or have the option to further tailor it if they wanted to.”
The announcement also mentioned that the credit union will “benefit from built-in workflows that help automate processes and reduce opportunities for errors, as well as proven application programming interface (APIs) that will empower them to easily interface with fintechs of choice.”
Don West, CIO at Westmark, stated:
“Symitar’s technology and team closely aligned with our culture and future direction. Symitar’s workflows and connectivity provide the opportunity to realize significant financial and efficiency gains. And most importantly, it gives us the optionality we need to integrate with the products and service providers of our choice. With Symitar, we can build the best technology plan for our unique business needs, fueling future growth and keeping a highly competitive pace with the accelerated speed of change in today’s market.”
Moving from managing its core in-house to a private cloud environment should allow the credit union to focus on enhancing the member experience and offering “a higher level of service.”
Resources will be used to improve operations “instead of managing day-to-day core maintenance and hardware updates.” The hosted model will “support its disaster avoidance, disaster recovery and business continuity efforts,” the update noted.
This model allows for quicker discovery times of events, “leading to much faster resolutions that have less impact on the members and result in better member satisfaction,” the announcement noted.
Shanon McLachlan, VP of Jack Henry and president of Symitar, remarked:
“Jack Henry has seen a significant movement from on-premise to the private cloud environment with approximately 30 existing customers a year making the move, and this isn’t limited to any asset size. While this shift continues to be a huge trend, so is the need to have a modern core that enables credit unions to provide their members with the options they need to succeed. Credit unions like Westmark are finding strategic value in cloud-based, flexible cores that enable them to better serve their members, trusting Symitar’s dedicated support and proven technology to alleviate the stress of daily maintenance and operations.”
As noted in a release, Symitar, a division of Jack Henry & Associates, Inc., is one of the major providers of integrated computer systems for credit unions “of all sizes.”
Symitar has been chosen as the main tech partner by over 700 credit unions, “serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support.”
As mentioned in the release, Jack Henry is an SaaS provider mainly for the financial services industry. They are a S&P 500 company that serves around 8,500 customers nationwide via three divisions: Jack Henry Banking offers innovative solutions to community and regional banks.
Symitar offers solutions to credit unions of all sizes; and ProfitStars provides highly specialized solutions to financial institutions “of every asset size, as well as diverse corporate entities outside of the financial services industry.”