Episys, Cruise/CruiseNet Jack Henry
Jack Henry is an important player in the credit union and small community bank sector with its Symitar division. It has two systems, Episys and Cruise (now CruiseNet), the latter aimed at the smaller credit unions. These are certainly long-established systems, having been around for 30+ years but with plenty of R&D to move them forwards over the years and with a range of applications around the core. The two systems tend to compete with the likes of Fiserv’s Open Solutions-derived DNA. One relatively new competitor is California-based Corelation, which was set up by a number of ex-Symitar staff and has a system called Keystone aimed at credit unions. The first two takers of the new system were both Symitar customers - Cabrillo Credit Union and Harbor Federal Credit Union, both in California – so too was one of the other early takers, Michigan First Credit Union, to replace a 30 year-old version of Episys. Corelation CEO, John Landis, was one of the original developers in the Symitar division. Vsoft, another newcomer at the lower end of the US market, is also a competitor to the Symitar systems. For the corporate history, see the Jack Henry & Associates Banking entry. The initial credit union systems business came with the acquisition in 2000 of San Diego-based Symitar, which had been setup in 1985. This brought the Episys core processing solution, alongside the supplier’s existing banking systems, at that time positioned for credit unions with assets exceeding $50 million. In 2002, South Carolina-based CUSolutions was added, bringing the Cruise core processing system for the small and mid-size credit union.
In July 2016, Jack Henry & Associates Inc. announced the transition of David Foss from president to president and chief executive officer (CEO) to put into effect the organizational changes announced in January 2016.
Functionality and technology
Symitar’s two distinct core platforms can scale to any size credit union, and this flexible structure is evidenced through more than 200 tightly integrated complementary solutions, as well as more than 150 third-party vendor applications that boost clients’ functionality. These are long-established systems, having been around for 30+ years.
Episys Episys is popular among credit unions with assets more than $50 million, supporting approximately 670 clients with customizable
core functionality. More than 450 credit unions have been live with Episys for at least 15 years. Episys offers credit unions two database choices, an open platform (SymConnect™/SymXchange™), and a customization and extension tool (PowerOn/ PowerOn2™). Episys runs on the IBM® Series p® hardware solution with IBM’s AIX operating system. It has a proprietary database that caters to credit unions’ requirement of a low maintenance, low cost, solution without additional licenses or administrative overhead of a commercial database deployment. For those credit unions who prefer to run a commercial database technology because they already have the expertise in house and may leverage tools and administrative staff they already have, Episys will soon be available on Microsoft’s SQLServer. Episys core platform features are increasingly delivered in Java and the user experience is migrating to a responsive implementation using HTML5/Javascript. Due to its flexibility, scalability and customization capabilities, Episys spans the full functionality required by credit unions from $50 million to over $15 billion. CruiseNet
CruiseNet is a Windows-based solution built with the latest .NET technology. It uses Microsoft’s SQL database and includes
integrated loan collections, relationship pricing, risk-based lending and loan decisioning, accounts payable, fixed asset accounting, and customized workflow for new members, new accounts, and new loans. CruiseNet’s open architecture favors in-house and outsourced operating environments while its scalable structure accommodates near- and long-term growth. As of August 31, 2017, CruiseNet had 154 users, 14 of which are in the Caribbean.
102 US Financial Services Technology Market Report |
www.ibsintelligence.com
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