SAFE Federal Credit Union Launches Fully Virtual Symitar Core Conversion

Rhea-AI Summary

Jack Henry & Associates (NASDAQ: JKHY) announces that SAFE Federal Credit Union has successfully migrated to its Episys core platform, hosted in Jack Henry's private cloud. This $1.1 billion asset credit union completed the virtual conversion on May 15, 2020, overcoming pandemic-related challenges. SAFE sought better integration and efficiency to enhance service for its 126,000 members. The move to Symitar allows for improved operations and member service, alongside a flexible core solution that adapts to changing needs. The conversion represents a commitment to progress despite external pressures.

Positive

• Successful virtual conversion of SAFE Federal Credit Union to Episys core platform.
• Improved integration options and operational efficiency for SAFE, enhancing member service.
• Symitar's extensive support team provides flexibility during conversions.

Negative

• None.

MONETT, Mo., June 15, 2020 /PRNewswire/ -- 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 today announced that SAFE Federal Credit Union has converted to the Episys^® platform.

The $1.1 billion-asset credit union converted the weekend of May 15, opting to have its core hosted in Jack Henry's private cloud environment. It was the first virtual core conversion for Symitar, and the first of four completed in the month.

SAFE's planning for this conversion began more than two years ago. The conversion itself was set well before the COVID-19 outbreak and the pandemic created unique challenges for an already major initiative.

Michael Baker, CEO at SAFE, said, "Our executive team and board had the confidence and our employees had the energy to keep this project powering forward regardless of what was happening around us. We knew great things were within reach, and soon."

The new core platform is the latest in a series of strategic technology updates SAFE has already completed this year as it looks to the future of technology to provide its members with better service and greater product innovation for the long-term.

For years, SAFE had been challenged with bringing new products and services to its more than 126,000 members due to the limited integration options available with its previous core. The credit union also needed to improve its efficiency by automating manual back office processes and better managing siloed disparate data, among other projects. SAFE found that Symitar provided a mature hosted core option that would support integrations to hundreds of other modern solutions. The open infrastructure would allow the credit union to be more adaptive to change, create a better operating environment for employees, and significantly improve member service.

Wayne Keels, director of continuous improvement at SAFE, added, "It was a wonderfully coordinated effort by our team, Symitar, and with the full support of our other vendor partners to make this conversion happen on time. We took what would be perceived as a weakness in this situation and turned it into a strength. Travel restrictions gave us more time with the Symitar team, even if virtual. Closed branch lobbies gave the SAFE conversion team additional resources to pour into the process. Everything was so tightly synchronized that it was never a question of this being the right decision."

Moving to Symitar, SAFE has gained better back office functionality, a more flexible core, and a single source of data for the entire organization. The credit union is also eager to collaborate with its new peers in the Symitar community, particularly through the PowerOn Marketplace®  to create and share custom workflows, external system interfaces, and to expand the power of the core.

SAFE also values that Symitar's development efforts are not spread across multiple core platforms, that experience with large credit unions is clear and established, and that its conversion resources are vast. Symitar has more than 200 employees who focus on credit union implementations, conversions, and mergers. This large team allows the company to be flexible and provide additional support to credit unions during these significant events. Symitar has performed more than 800 core conversions to-date.

Shanon McLachlan, president of Symitar, said, "Above all else, Jack Henry is committed to doing the right thing. In the case with our new partner SAFE, as well as several other credit unions, that was moving forward with a conversion as planned despite outside influences that might have motivated them to postpone such an important event. This has been an encouraging display of true partnership, teamwork, and discipline, as well as a motivator for us all to be in constant search of new standards for excellence and success."

About SAFE Federal Credit Union

SAFE Federal Credit Union, founded in 1955, is the one of the largest financial institutions based in South Carolina with over $1.1 billion in total assets, 126,000 members, and 17 branches. Membership is open to anyone who lives, works, worships, or goes to school in Sumter, Lee, Kershaw, Clarendon, and Florence counties, as well as parts of Richland, and Lexington counties. Membership is also open to employees of more than 500 companies located throughout the Midlands and relatives of those eligible to join. Connect with us at www.SAFEfed.org, on Facebook.com/SAFEfederalcreditunion or @SAFEFCU.

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, Inc. 

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 9,000 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.

FAQ

What is the significance of SAFE Federal Credit Union's conversion to the Episys platform?

SAFE Federal Credit Union's conversion to the Episys platform enhances its operational efficiency and integration capabilities, allowing for improved service delivery to its members.

When did SAFE Federal Credit Union complete its core conversion?

SAFE Federal Credit Union completed its core conversion to the Episys platform on May 15, 2020.

How does the new core platform benefit SAFE Federal Credit Union?

The new core platform improves integration with modern solutions, boosts back office functionality, and provides better member service.

What challenges did SAFE Federal Credit Union face during the conversion?

SAFE faced unique challenges due to the COVID-19 pandemic, but successfully executed the conversion by adapting and collaborating with partners.

What is the role of Symitar in this conversion?

Symitar, a division of Jack Henry, provided the core platform and extensive support for the conversion, ensuring timely and effective implementation.