Symitar Expands Outsourcing Business

Since entering the data processing outsourcing business for credit unions June 1, 2003, Jack Henry & Associates subsidiary, Symitar, has converted seven credit unions, with an additional 12 scheduled during the rest of 2004. Symitar offers its Episys® product from the OutLink® Data Center in Lenexa, Kan., and its Cruise™ product from the OutLink Data Center in Charlotte, N.C.

"In the past, credit union products available in an outsourced environment have been somewhat limited," says Bruce Cormode, president of San Diego-based Symitar. "Symitar now brings two robust processing system alternatives to credit unions that decide to take advantage of our service bureau offerings." Episys is a popular choice among large credit unions, while Cruise offers smaller credit unions an affordable, feature-rich solution.

Among Symitar's contracted service bureau clients are both natural person and corporate credit unions. An outsourcing relationship with $40 billion asset U.S. Central Credit Union, Lenexa, Kan., will result in almost half of the nation’s corporate credit unions outsourcing Episys as their core solution as well. U.S. Central is slated to convert in the fall of 2005, with several corporate credit unions scheduled to be installed prior to that date.

"As the complexity of running an inhouse operation increases, so will the number of credit unions choosing to outsource," says Cormode. "Symitar's service bureau operations leverage hardware and software development, research and development, regulatory compliance, and other responsibilities that otherwise would fall on the shoulders of the credit union. By leaving the technology side of the business to the Symitar experts, credit unions can focus on serving their members."

Contact Symitar at 888-796-4827 or at sales@symitar.com.