Jack Henry & Associates, Inc. (JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division today announced that $393 million Nassau Financial Federal Credit Union will install its Episys® core system in-house.
Westbury, N.Y.-based Nassau Financial Federal Credit Union decided to change core vendors when the provider of the system it has used for more than 20 years halted development. The credit union wanted to advance its technology with a platform that was more agile and could better respond to continuously changing market demands. Its executives selected Episys for the system's recognized market leadership as well as Symitar's corporate stability.
Frank Cordano, the credit union's president and chief executive officer, said, "Nassau Financial is committed to providing advanced technology and competitive financial services that meet our members' ever evolving needs. This mission requires that we have a strong, yet nimble core platform. Symitar will meet our needs both as a technology provider and a long-term partner."
With the open infrastructure and flexibility of Episys, Nassau Financial Federal Credit Union will have the ability to respond to changing marketplace and member demands. Episys clients also have access to Symitar's PowerOn Marketplace™, a collaborative environment for its credit union clients to exchange programming solutions and applications, based on Symitar's PowerOn® customization tool, that improve operating efficiency and financial performance. PowerOn incorporates an advanced scripting language and an intuitive interface that IT staff can use to develop custom applications independent of the core code.
According to Ted Bilke, president of Symitar, "The addition of Nassau Financial to our client roster represents an important milestone. Robert Reh, Nassau Financial's chief information officer, is now the seventh, out of 10, credit union executive on the CUNA Technology Council to select Episys. This is a resounding endorsement of the deep functionality and operating flexibility the system provides, as well as its broad industry acceptance. Our organization has more than 25 years of experience with an open system, enabling technology innovators like Nassau Financial Federal Credit Union to work with a trusted partner and easily customize their core platform to meet their unique and evolving business requirements."