Functionally Distinct Credit Union Platforms
Symitar was founded in 1985 and acquired by Jack Henry & Associates (Nasdaq: JKHY) in 2000. Since Symitar was acquired, more than 400 credit unions have been added to its client roster, representing approximately a 60 percent increase in the number of credit unions entrusting their data processing to Symitar.
Today, Symitar is the leading provider of core processing solutions for credit unions of all sizes, now supporting more than 650 credit unions – including six corporate credit unions and approximately 30 percent of the credit unions with assets exceeding $1 billion – with enterprise-wide automation.
Symitar’s credit union solutions encompass two functionally distinct core systems; approximately 50 integrated complementary products and services; in-house and outsourced operating alternatives; contemporary technology; and the infrastructure necessary to support each client as a single point of contact, support, and accountability.
Its functionally distinct core processing solutions are:
- Episys®, a highly customizable, IBM System p™- based solution for larger credit unions.
- CruiseNet®, a Windows-based core based on the latest .NET technology; a solution for small to mid-sized credit unions.
According to Callahan and Associates, a respected source of independent surveys and published data related to the credit union industry, since 1999 Symitar’s core processing platforms were implemented by more credit unions with assets exceeding $25 million than any competitive alternative.
Symitar’s integrated complementary solutions enhance the functionality of these core systems and enable credit unions to respond to evolving member and market demands, expedite speed-to-market with competitive offerings, increase efficiency, and address specific operational issues with proven solutions.
Symitar supports its clients’ dynamic business requirements with ongoing enhancements to its core systems, the regular introduction of new client- and market-driven complementary products, the integration of practical new technologies, and strict regulatory compliance.