BCU Moves Symitar Core to Cloud

Rhea-AI Summary

Jack Henry's Symitar division announced BCU's successful migration of its Episys core system to the company's private cloud. This $4.2 billion asset credit union undertook a five-year initiative to enhance its technology, resulting in improved security and performance. Despite the COVID-19 pandemic, the migration proceeded smoothly, allowing BCU to transition employees to remote work without compromising productivity. With over 60% of Jack Henry's core clients on the cloud, this move validates the benefits of cloud solutions for the financial services industry.

Positive

• BCU migrated its Episys core to Jack Henry's private cloud, enhancing technology flexibility and control.
• BCU's migration occurred smoothly during the COVID-19 pandemic, ensuring employee productivity.
• More than 60% of Jack Henry's core clients operate in the private cloud environment, indicating broad industry acceptance.

Negative

• None.

MONETT, Mo., Sept. 17, 2020 /PRNewswire/ -- 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 today announced that BCU migrated its Episys^® core to Jack Henry's private cloud environment.

The $4.2 billion-asset credit union launched a corporate initiative five years ago to move all of its technology assets to the cloud. BCU had poured 20 years of creativity and customization into its Symitar core, valuing the flexibility and control gained from managing it all in-house. The credit union maintains very specific expectations for the security, performance and responsiveness of its core; with Episys, BCU realized that it could achieve the same core experience regardless of the delivery model.

Jeff Johnson, chief partnerships and strategy officer at BCU, said, "We wanted to focus our IT expertise on things that provide tangible value to the credit union and our members, and Jack Henry knows how to run its platforms better than anyone. We have moved out of the business of managing our core without changing how we like to do business. In fact, the exercise of offloading our IT infrastructure provided the opportunity for us to look at the operational aspects of all our processes and identify improvements in a number of areas prior to migration."

BCU simultaneously moved to a full virtual desktop environment when migrating its core. Add to that, the credit union took on this event the weekend before most communities began enforcing stay-at-home orders in the initial wake of COVID-19. Pandemic notwithstanding, BCU decided to move forward with its migration – a decision the credit union reflects favorably upon today.

Johnson added, "Jack Henry managed the migration environment flawlessly. In the days that followed, we were able to quickly get all of our employees transitioned to a work-from-home setting without any sacrifices to their productivity or member service – we believe this validates our overall cloud strategy."

Shanon McLachlan, president of Symitar, commented, "With more than 60% of Jack Henry's core client base operating through our private cloud environment, outsourcing the core has proved to be just as viable for larger financial institutions. BCU's migration is a great testimony to the value and positive impact a hosted core platform can make on a single institution, both immediately and for the long term."

About Symitar 

Symitar, a division of Jack Henry & Associates, Inc.^®, is the leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 800 credit unions, serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com. 

About Jack Henry & Associates

Jack Henry (NASDAQ: JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 8,700 clients nationwide through three divisions: Jack Henry Banking^® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar^® provides industry-leading solutions to credit unions of all sizes; and ProfitStars^® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com. 

Statements made in this news release that are not historical facts are forward-looking information.  Actual results may differ materially from those projected in any forward-looking information.  Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information.  Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements.  Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.

JKHY-SY 

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SOURCE Jack Henry & Associates, Inc.