PSCU has inked a partnership with Member Driven Technologies (MDT) to provide call center support to MDT’s roster of credit union clients. MDT is the largest reseller of Symitar core processing services to the credit union market and has over 150 credit unions clients throughout the U.S.
Jack Henry & Associates is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar division announced that $140 million, Pennsylvania-based New Cumberland Federal Credit Union has selected Episys as its in-house core processing solution. The FCU management team participated in the evaluation of core systems and both in-house and outsourced operating environments and decided on the Symitar core system; a contemporary eServices solution for home and mobile banking; superior and consistent customer service; and a solid, reputable, financially stable company. After detailed system demonstrations, multiple existing customer site visits, and numerous existing customer reference calls the entire management team unanimously elected to partner with Symitar and install Episys in-house.
Jack Henry & Associates payment processing services for the financial services industry, along with its Symitar division announced 16 existing in-house credit union clients have elected to move to its outsourced offering during the past 18 months. Symitar’s “Episys” core processing system installed in-house with credit unions are moving to Symitar “EASE,” the outsourced version of the industry-leading core system, at an accelerating rate. Only one credit union migrated to EASE in 2008 and seven have migrated during the past six months alone. More than 100 credit unions have now elected to outsource their transaction and information processing to Symitar.
CoVantage Credit Union (CVCU) made available the Tyfone mobile wallet services to its members. The Tyfone solution brings mobile wallet services such as Symitar Episys core integrated mobile banking, enhanced strong ID authentication mobile security and a path to NFC contactless payment technology to its more than 66,000 members. It offers a range of features delivered to banking customers via mobile application, mobile websites or text messaging. Users can check balance, account history review, conduct fund transfers, branch and ATM location lookup and customizable alerts. Additionally, customers can aggregate accounts to view and manage multiple accounts with just a single login while the ORCC bill payment services offer CVCU members the ability to create and manage payees, and schedule and edit bills as needed. Tyfone Mobile Banking is built on its “u4ia” mobile financial services platform that also enables contactless payments using NFC and strong authentication ID management.
Jack Henry & Associates technology solutions and payment processing services primarily for financial services organizations, announced that its JHA Payment Processing Solutions (PPS) division will offer “smsGuardian” anti-fraud text alert notification service. Now available for the credit unions supported by Jack Henry & Associates’ Symitar division, and banks using the jhaPassPort EFT platform provided by its Jack Henry Banking division, “smsGuardian” service sends transaction alerts directly to a cardholder’s mobile phone or other SMS-enabled device. The recipient customer then authorizes or blocks the transaction.
Jack Henry & Associates payment processing services to the financial services industry announced its “JHA Payment Processing Solutions” division added 20 credit unions to its client roster during fiscal year 2011. Nineteen of these credit unions elected to replace a competitive ATM, debit, and credit card processing solution with a PPS solution and one launched a new card program. JHA Payment Processing Solutions provides payment solutions to the financial industry including ATM, debit, and credit card solutions. These innovative solutions include one of the largest switch processors in the United States, access to one of the credit union industry’s largest surcharge-free ATM networks, online real-time transaction authorization and processing, signature and PIN-based processing, in-house and outsourced fraud prevention and detection solutions, cardholder awards programs, card program management and profitability solutions, card manufacturing and personalization, instant issue and activation, marketing materials and programs, and renowned customer service.
Bluepoint Solutions item processing and enterprise content management has joined Symitar’s Vendor Integration Program (VIP). Symitar of Jack Henry & Associates provides core processing solutions and enterprise-wide automation for approximately 750 credit unions. VIP membership enables Bluepoint to integrate its ImagePoint product line with Symitar’s online banking and core processing systems. Bluepoint now has access to Symitar’s implementation, programming, quality assurance and testing support, eliminating most compatibility or technical issues that may have once challenged credit unions wanting to use this service.
Tyfone financial solutions is set to demonstrate at Jack Henry’s Symitar Educational Conference (SEC) in San Diego its mobile banking solutions. Namely, Tyfone will be showcasing its secure mobile banking technology, its “iCashé” revenue generation Mobile Wallet Service and introducing “SideSafe” Secure Mobile Authentication solution at the event. Tyfone’s “u4ia” platform, in addition to comprehensive mobile banking, enables an average 3% transaction fee revenue generation through “iCashé” mobile wallet services and provides enhanced strong ID authentication with SideSafe microSD with a seamless migration path to secure NFC contactless payments with SideTap.
John Postle has been named to GM of its Jack Henry & Associates’ Payment Processing Solutions (PPS) division. PPS encompasses Jack Henry & Associates’ “jhaPassPort” suite of ATM and debit transaction processing services, and the payment processing services added through the company’s October 2009 acquisition of Pemco Technologies. He served the past 10 years as the manager of the “jhaPassPort” business line and was instrumental in the acquisition of Pemco Technologies. Effective July 1, 2011, he began providing executive oversight of the development, quality assurance, support, installation, operations, communications, and education departments that support PPS. In his expanded role, he joined the company’s senior management team that encompasses functionally aligned general managers. He holds a BBA in Finance.
CoVantage Credit Union (CVCU) chose Tyfone to provide its comprehensive suite of mobile wallet services so that it may better serve CVCU members with mobile financial services. Tyfone’s mobile wallet services include Symitar Episys core integrated mobile banking, enhanced strong ID authentication mobile security and NFC contactless payment technology. This comprehensive mobile wallet includes a neutral secure element in a memory card so the user experience is dictated by the Credit Union without disintermediation by the mobile industry. The Tyfone “u4ia” platform in addition to mobile banking, enables secure NFC contactless payments and enhanced strong ID authentication, providing end-to-end secure digital wallet and payment services by the Credit Union and for Credit Union members.
First Credit Union is converting to a more efficient new “Symitar Episys” core processing system over the Independence Day Holiday weekend. Online account access will not be available during the conversion. Specifically, online bill pay, online banking, mobile banking and telephone banking will not be available starting close of business June 30 until the conversion is completed. Conversion communication to members included information on the First Credit Union website, printed and online Conversion Guide, member newsletter articles, in-branch posters and banners, direct mail, email messages, statement messages and t-shirts worn by employees.
The average Jack Henry & Associates client of its “ProfitStars” division outperform the industry in terms of net interest margin (NIM) by 36 basis points, when compared to 4,000 other U.S. community banks of comparable size. These conclusions were drawn based on results from users of the “ProfitStars” “Margin Maximizer Suite” loan and deposit pricing solution and “BusinessManager” accounts receivable financing solution. Additionally, ProfitStars’ pricing strategy recommendations typically generate an improvement of 10 to 50 NIM basis points within the first year following implementation and there was a rapidly increased NII for ProfitStars’ clients at an 8% growth rate versus the industry average of 5.92%. Offering solutions to improve the performance of financial institutions and diverse corporate entities, “ProfitStars” improve the performance of financial institutions and diverse corporate entities.