Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar division announced today that $1.4 billion CFE Federal Credit Union has selected Episys as its in-house core processing solution.
CFE, which was founded in 1937, is located in Central Florida and serves more than 130,000 members.
According to Joseph A Melbourne, Jr., president and CEO of CFE Federal Credit Union, "CFE has been on a core system for 30 years. The system served us well, however we recognized the need to convert to a nimble, adaptive system that would support our long-term growth strategies. We sought a solution that was backed by the vendor's long-term commitment to ongoing development in the coming decades. As our search narrowed, the Symitar team clearly demonstrated that Episys has the deep functionality we need today, the flexibility to evolve with our credit union's business and technology requirements, and a unique level of openness with third-party solutions. Symitar takes a true partnership approach with its diverse clients, who affirm their high level of satisfaction with the system. Validating our findings with other credit unions that have real-world, day-to-day experience with Episys affirmed we made the right decision for our members, our credit union, and our service-focused staff."
According to Ted Bilke, president of Symitar, "Episys has the largest organic client base in the industry. It is extremely rewarding to work with diverse credit unions nationwide, to participate in their unique and comprehensive evaluation processes, and to have built our base of approximately 650 Episys clients one credit union at a time. Every addition to our client roster is rewarding, but our ongoing success with billion dollar credit unions continues to differentiate our product and service quality and the fundamental way we do business. Today, Episys supports 88 of the 208 credit unions with assets exceeding $1 billion and has more market share of credit unions with assets exceeding $50 million than any other system. We welcome CFE Federal Credit Union to our client roster and respect the confidence it has placed in Symitar, our people, and our products."
In addition to establishing a technology partnership with Symitar, CFE Federal Credit Union recently acquired the naming rights to the 10,000-seat CFE Arena on the campus of the University of Central Florida (UCF). This expansion of CFE's longstanding partnership with UCF offers the credit union a greater opportunity to provide the next generation with financial management skills and the products and services they will need throughout their lives. The CFE Arena, which opened in 2007, hosts UCF men's and women's basketball games, concerts, UCF and high school commencement ceremonies, and other events.