Last edited 9:35 a.m., April 4, 2013In the past two days, two multibillion-dollar companies have selected Jack Henry & Associates Inc. (Nasdaq: JKHY) to provide technological services.
Automation in WashingtonWashington Trust Bank has chosen the Monett technology firm to provide systemwide automation services.
The Spokane, Wash.-based company with $4.3 billion assets is installing the Monett technology firm's SilverLake System, an information and transaction processing platform, according to a March 26 news release.
"Technology is a critical component of a bank's ability to optimize its business strategy and realize its performance and efficiency goals," Washington Trust Bank Chief Information Officer Jim Brockett said in the release of the selection of SilverLake. "Our ability to provide highly competitive financial products, the self-service banking channels today's convenience-driven consumers demand, and the services levels our customers expect and deserve depend on having leading-edge business and banking tools at our fingertips."
In addition to SilverLake, Washington Trust Bank has opted to implement other Jack Henry products including marketing and customer service solutions, online bill pay, data analysis and reporting, and fraud detection and prevention services, the release said.
A subsidiary of WTB Financial Corp., Washington Trust Bank has 41 branches.
Symitar selectionJack Henry's Symitar division announced this morning that Raleigh, N.C.-based Coastal Credit Union is installing its Episys platform.
With the installation of Episys, the $2.2 billion credit union will be able to add flexibility to its operating inefficiencies, and collaborate with other large credit unions to advance with custom programs and applications, according to a separate release.
"Symitar's Episys system offers the fast, easy-flowing transfer of information and transactions across a multichannel 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," said Tami Langton, Coastal Credit Union vice president of business transformations, in the release.
Symitar serves more than 750 credit unions to provide automation services. The division claims that more than 35 percent of U.S. credit unions with more than $1 billion in assets are automated by its Episys system.
Jack Henry recorded earnings of $40.5 million in its
second quarter ending Dec. 31, a 5 percent increase compared to $38.5 million in the same quarter of 2011. The company's assets were $1.6 billion at year-end, with more than 11,900 customers nationwide.
JKHY shares were trading at $45.35 as of 8:47 a.m., compared to a 52-week range of $32.17 to $45.96.
