Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of computer systems and electronic payment solutions primarily for financial services organizations, and Corporate One Federal Credit Union, one of the nation's largest corporate credit unions with approximately $5.1 billion in assets under management, today announced an
expanded relationship. Through the strategic partnership, ProfitStars' Enterprise Payment Solutions (EPS) clients will have the ability to process electronic payment transactions through Corporate One, including merchant and consumer remote deposit capture (RDC) transactions, check conversion, and Check 21 settlement options.
ProfitStars, which was named by Celent as having industry leading market share based on the number of financial institutions and the number of end-users supported through its remote deposit capture solutions, now enables Corporate One's nationwide member credit unions to consolidate settlement, expedite transactions, and leverage all Check 21 benefits without added
Corporate One processes an average of 3.25 million items per month, valued at more than $2 billion using ProfitStars' Alogent® Deposit Automation Solutions, including its branch back counter, Alogent Payments Gateway, and ATM solutions. The wholesale financial service providers' ability to provide this comprehensive and proven payments suite as an aggregated
offering cost-effectively meets the needs of many EPS credit union clients.
Senior vice president of marketing and operations at Corporate One, Robert Coyan, elaborated, "Ever-shrinking margins and changing regulations are motivating many credit unions to reassess their payment processing strategies, and we want them to have access to Corporate One's proven least-cost model. Broadening the scope of our partnership with ProfitStars
increases settlement options for many of our nation's credit unions and is not only a strategic move for us but also for the credit union industry as a whole."
According to David Foss, president of ProfitStars, "The ability to process transactions in bulk and remotely through Corporate One's deployment of the Alogent Deposit Automation Solutions is truly a best-case scenario for many of our EPS credit union clients. ProfitStars' goal is to provide financial institutions with a complete range of solutions that can ultimately enhance
their performance and profitability and Corporate One enables us to accomplish that goal with a proven, financially stable corporate partner."
ProfitStars is strategically positioned to support check processing needs across the entire spectrum of financial institutions with solutions that can be implemented in-house or as Software as a Service (SaaS) applications. ProfitStars supports more than 1,500 financial institutions and 155,000 users with commercial remote deposit capture, and more than 2,250 financial institutions and 100,000 seats with branch and teller image capture solutions.
Corporate One Federal Credit Union is a leading wholesale financial services provider to nearly 800 of America's credit unions. With more than $5.1 billion in assets under management, Corporate One offers correspondent services including credit and debit cards, share draft imaging, depository and electronic payment services as well as investments to the nation's credit unions. Corporate One also developed and manages Alliance One, one of the nation's largest non-network-specific ATM selective-surcharging groups. For more information, visit www.corporateone.coop.
As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in four performance-boosting solution groups -- Financial Performance, Imaging & Payments Processing, Information Security & Risk Management, and Retail Delivery. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking™ supports banks ranging from de novo to
mid-tier institutions with information processing solutions. Symitar™ is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and
growth opportunities, and contain costs. iPay Technologies operates as a leading electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. Additional information is available at www.jackhenry.com.