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 has announced that $2.2 billion Coastal Credit Union in Raleigh, N.C., is installing the Episys core platform in-house.
Coastal Credit Union was the largest credit union on its current core system and had exceeded the system's functional capabilities. The credit union needed additional flexibility to address operating inefficiencies and re-engineer processes, and wanted the ability to creatively extend the core's functionality as its processing requirements evolve. Episys will seamlessly support these requirements and enable the credit union to be more agile in delivering new financial products and options for serving its members. Coastal Credit Union also found that with Symitar, it can proactively collaborate with other large credit unions to continually advance the functionality of the core with custom programs and applications. More than 35 percent of U.S. credit unions with more than $1 billion in assets are now automated by Episys.
Tami Langton, vice president of business transformations at Coastal Credit Union, explained, "Symitar's Episys system offers the fast, easy flowing transfer of information and transactions across a multi-channel environment. As channels grow increasingly complex, the core has to be nimble enough to support real-time channel needs and not create barriers to the movement of data between those channels."
Coastal Credit Union was the thirteenth financial institution in the world to move money online and was integral in the introduction of an industry-leading video teller platform; innovation is part of its culture. The credit union values Symitar promoting an environment of in-house innovation, where clients are encouraged to enhance the core functionality with custom programs and applications that can be shared via the PowerOn Marketplace. Supported by Symitar, the PowerOn Marketplace provides a centralized community for users to share, review, and adopt ideas and custom programming solutions independent of the core code.
Coastal Credit Union was also drawn to Symitar's solid infrastructure of existing complementary product partners and the ability to leverage the inherent flexibility and openness of Episys to incorporate proven products and services and new technologies with ease.
According to Ted Bilke, president of Symitar, "Our people, core and complementary solutions, and client collaboration align with Coastal Credit Union's own culture. It is important for us to provide the tools for credit unions to advance their role in the financial ecosystem, and at the same time have credit unions that take a vested interest in furthering the collective strength of their peers."