BrightStar Credit Union Fuels Future Growth and Expansion with Jack Henry

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) announced that BrightStar Credit Union (BSCU) has selected its Symitar® platform and complementary products to enhance member experiences and support growth. BSCU, a South Florida credit union with nearly 60,000 members and $948 million in assets, chose Jack Henry for its functionality and user-friendly infrastructure.

The credit union is transitioning from an in-house core to Jack Henry's private cloud environment to improve operational efficiency. BSCU will implement Jack Henry Financial Crimes Defender™ to enhance security and fraud prevention, replacing manual methods. Additionally, the credit union will add faster payments capabilities through RTP® network and FedNow℠ Service via JHA PayCenter™ to modernize payment experiences.

Positive

• New partnership expands BSCU's commercial lending and business banking capabilities
• Implementation of automated fraud prevention system to replace manual methods
• Addition of modern payment capabilities through RTP and FedNow integration
• Migration to private cloud environment for improved operational efficiency

Negative

• None.

Insights

Financial Technology Analyst

Jack Henry wins comprehensive technology deal with BrightStar Credit Union, demonstrating cross-selling strength and cloud migration capabilities.

This partnership announcement showcases Jack Henry's ability to secure comprehensive technology deals in the credit union sector. BrightStar Credit Union (BSCU), with $948 million in assets and nearly 60,000 members, is transitioning from an in-house core system to Jack Henry's Symitar platform hosted in a private cloud environment.

What makes this deal noteworthy is its comprehensive nature. Beyond the core Symitar platform, BSCU is adopting multiple additional Jack Henry products, including Financial Crimes Defender for fraud prevention and JHA PayCenter for faster payments capabilities (RTP network and FedNow Service). This represents successful cross-selling of Jack Henry's complementary product offerings.

The client's migration from a self-hosted environment to Jack Henry's private cloud aligns with the industry's shift toward managed services models, which typically generate recurring revenue streams. BSCU specifically cited Jack Henry's culture, responsiveness, and support as differentiating factors in their decision – suggesting strong relationship-building that could lead to long-term client retention.

For South Florida's financial institutions, security is particularly critical given the region's elevated fraud risk. Jack Henry's ability to address this need through its Financial Crimes Defender solution demonstrates the company's capability to deliver value in areas beyond basic processing. Similarly, the adoption of Jack Henry's faster payments capabilities indicates the company is successfully positioning its modern payment infrastructure in a rapidly evolving payments landscape.

While this single credit union contract is a positive business development, its financial impact is likely modest relative to Jack Henry's overall operations given the company's market capitalization.

Credit union selects Jack Henry for its people-first culture and modern technology

MONETT, Mo., April 21, 2025 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced that BrightStar Credit Union (BSCU) chose Jack Henry's Symitar^® platform and complementary products to support its growth and deliver better member experiences.

Founded in 1946 by 26 educators from Broward County Public Schools, BSCU has been at the forefront of education, innovation, and financial literacy in Broward communities for decades. With nearly 60,000 members and $948 million in assets, BSCU is one of the largest credit unions in South Florida, delivering quality services that help members achieve financial freedom.

Having outgrown its existing core platform, the credit union sought a new platform that would support its steady growth plans. Jack Henry had an advantage due to its functionality and user-friendly infrastructure. However, what truly set Jack Henry apart was the team behind the technology. BSCU valued the expertise, responsiveness, and hands-on support Jack Henry provided throughout the process. BSCU found that Jack Henry's values were closely aligned with its own commitment to its brand and culture. The credit union's goal was to build a long-term relationship, not just engage another vendor.

"We have had a great experience with the Jack Henry team from start to finish," said Biana Murnane, CEO and President of BrightStar Credit Union. "They understand our goals and priorities, especially our focus on delivering faster, smarter, and more personalized services for our members and employees. This upgrade reflects our ongoing commitment to making banking easier, more secure, and better tailored to member needs, and it will expand our commercial lending and business banking capabilities." 

Before Jack Henry, BSCU hosted its core in-house. With their trust in Jack Henry, the credit union is shifting to a private cloud environment. Now they can focus on serving members and gaining operational efficiencies. Given the heightened threat of fraud in South Florida, BSCU prioritized security enhancements and will replace its largely manual fraud prevention methods with Jack Henry Financial Crimes Defender™, improving effectiveness and saving valuable time. In addition, BSCU will add faster payments capabilities – specifically the RTP^® network and FedNow^℠ Service through JHA PayCenter™. These networks will enable the credit union to provide more modern payment experiences and continue to evolve with the quickly changing payments landscape.

"It is special when a credit union shares our same values and goals of strengthening their local communities through service and support," commented Brynn Ammon, President of Credit Union Solutions at Jack Henry. "We are proud to welcome BSCU as a client – a credit union dedicated to maximizing technology and our relationship to make a meaningful impact. We look forward to expanding their reach, supporting more educational communities, and helping them deliver excellent service."

About Jack Henry & Associates, Inc.^® 
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

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SOURCE Jack Henry & Associates, Inc.

FAQ

What new technology solutions is BrightStar Credit Union implementing with Jack Henry (JKHY)?

BSCU is implementing Symitar® platform, Jack Henry Financial Crimes Defender™ for fraud prevention, and faster payments through RTP® network and FedNow℠ Service via JHA PayCenter™.

How large is BrightStar Credit Union's asset size and member base?

BrightStar Credit Union has nearly 60,000 members and $948 million in assets, making it one of the largest credit unions in South Florida.

What security improvements will JKHY provide to BrightStar Credit Union?

JKHY will replace BSCU's manual fraud prevention methods with Jack Henry Financial Crimes Defender™, improving security effectiveness and efficiency.

How will BrightStar's transition to Jack Henry's private cloud affect operations?

The transition from in-house core to Jack Henry's private cloud will improve operational efficiencies and allow BSCU to focus more on serving members.