Jack Henry & Associates (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking division announced today that Univest Corporation of Pennsylvania is the latest mid-tier financial services organization to migrate from in-house processing to the company's outsourced offering, which is provided by JHA OutLink Processing Services.
According to Jeffrey Schweitzer, president and chief operating officer of the $2.2 billion Univest Corporation of Pennsylvania, "During the past five years as the financial services industry experienced unprecedented change, we adapted our business strategy and operations to increase revenue, to better manage our expenses, to increase employee productivity, and to improve our enterprise-wide efficiency. Expanding our partnership with Jack Henry Banking and migrating to outsourcing is a natural next step and will provide more predictable IT costs, material technology enhancements and operational improvements, a more integrated operating environment, and expert technology management. We are excited about our expanded partnership and the opportunity to focus our technology resources on further enhancing our customer-facing interactive tools and solutions."
Stan Viner, general manager of sales for Jack Henry Banking, said, "JHA OutLink Processing Services is supporting approximately 550 banks, ranging from community banks to multibillion dollar mid-tier institutions like Univest Corporation of Pennsylvania. We support these diverse banks with turnkey information and transaction processing solutions that leverage our network of data centers, image-enabled item processing centers, and regional training centers; our three core systems - SilverLake System®, CIF 20/20®, and Core Director®; and our more than 140 integrated complementary solutions. Our highly customized outsourcing services can seamlessly evolve to support each bank's dynamic business strategy, processing environment, and product and service offering without the capital expenditures required for in-house installations or the resident resources to operate and manage in-house data centers."