Jack Henry & Associates to Acquire iPay Technologies

Acquisition of the Largest Independent U.S. Electronic Bill Pay Provider Continues Jack Henry & Associates' Strategic Expansion in Payments Industry -

MONETT, Mo., May 7 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that it had entered into a definitive agreement for the acquisition of Kentucky-based iPay Technologies, a portfolio company of Spectrum Equity Investors and Bain Capital Ventures. iPay was founded in 2001 and currently operates as the largest independent electronic bill pay provider in the United States. Through strategic partnerships with more than 50 providers of information processing and online banking solutions, iPay's turnkey online bill pay services and technology are supporting more than 3,600 banks and credit unions. Under the terms of the definitive agreement, at the closing Jack Henry will purchase all of the equity of iPay for a purchase price of $300 million in cash, subject to certain closing and post-closing adjustments.

iPay partners with companies like Jack Henry & Associates to provide online bill payment solutions to financial institutions and supports those institutions' retail and small business customers with a highly configurable electronic payments platform. iPay's retail bill payment services include person-to-person payments, account-to-account interbank transfers, electronic bill presentment, the ability to pay bills from multiple accounts, expedited payments, payment tracking, automatic text alerts and payment reminders. Its small business bill pay suite includes functionality that permits users to delegate and manage payment tasks with strict entitlement controls, enforce dual account signature requirements to ensure established payment approvals, create customized electronic invoices and manage receivables.

According to Jack Prim, CEO, "iPay operates as a seamless extension of its business partners with a sophisticated bill pay engine that easily integrates with any online banking solution. We have been long-time business partners with iPay and have used its platform to process the electronic bill payments initiated with our NetTeller Bill Pay solution used by more than 1,075 banks and credit unions. We pursued this acquisition based on our first-hand experience with iPay's payments expertise and technology, its commitment to consistently deliver best-of-breed solutions, the outstanding service levels it provides, and our consistent corporate cultures. This is a key acquisition that supports our expansion in the electronic payments industry and further strengthens our payments offering."

Kevin Williams, CFO, said, "Consistent with our disciplined acquisition strategy, iPay Technologies, which is our largest acquisition to-date, adds proven solutions that complement our existing products and services, expands our presence and potential in the growing payments industry, broadens our reach outside our core client base with a highly competitive online bill pay solution, and increases our transaction-based and recurring revenues."

"iPay and Jack Henry have enjoyed a great partnership and we are thrilled that our two companies are now coming together," said Bill Ready, President of iPay Technologies.  "Jack Henry has a reputation for outstanding service and provides a breadth of phenomenal products.  Our combined capabilities will allow us to further enhance and expand the high quality, innovative products and services that our customers and partners receive from us today."

The acquisition is expected to close in June 2010, subject to regulatory approvals and customary closing conditions.  Jack Henry & Associates was advised by Wells Fargo Securities and the law firm of Stinson Morrison Hecker LLP.  William Blair & Company served as iPay's financial advisor in the transaction, and Choate, Hall & Stewart LLP provided legal counsel to iPay.

About iPay Technologies

iPay Technologies, owned by Spectrum Equity Investors, Bain Capital Ventures and management, provides online bill payment solutions and unmatched service to more banks and credit unions than any other bill payment provider.  That includes more than half of the nation's credit unions and nearly 40 percent of the nation's community banks that use bill payment software. iPay's turnkey online bill payment solutions help financial institutions to attract, retain, and grow their most profitable customers. iPay was ranked a top performer among bill pay processors by Aite Group in their 2009 industry impact report. Additional information is available at www.ipaytechnologies.com.

About Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations.  Its technology solutions serve more than 11,800 customers nationwide, and are marketed and supported through three 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.  Additional information is available at www.jackhenry.com.

SOURCE Jack Henry & Associates

Jack Henry & Associates to Acquire iPay Technologies

Acquisition of the Largest Independent U.S. Electronic Bill Pay Provider Continues Jack Henry & Associates' Strategic Expansion in Payments Industry -

MONETT, Mo., May 7 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that it had entered into a definitive agreement for the acquisition of Kentucky-based iPay Technologies, a portfolio company of Spectrum Equity Investors and Bain Capital Ventures. iPay was founded in 2001 and currently operates as the largest independent electronic bill pay provider in the United States. Through strategic partnerships with more than 50 providers of information processing and online banking solutions, iPay's turnkey online bill pay services and technology are supporting more than 3,600 banks and credit unions. Under the terms of the definitive agreement, at the closing Jack Henry will purchase all of the equity of iPay for a purchase price of $300 million in cash, subject to certain closing and post-closing adjustments.

iPay partners with companies like Jack Henry & Associates to provide online bill payment solutions to financial institutions and supports those institutions' retail and small business customers with a highly configurable electronic payments platform. iPay's retail bill payment services include person-to-person payments, account-to-account interbank transfers, electronic bill presentment, the ability to pay bills from multiple accounts, expedited payments, payment tracking, automatic text alerts and payment reminders. Its small business bill pay suite includes functionality that permits users to delegate and manage payment tasks with strict entitlement controls, enforce dual account signature requirements to ensure established payment approvals, create customized electronic invoices and manage receivables.

According to Jack Prim, CEO, "iPay operates as a seamless extension of its business partners with a sophisticated bill pay engine that easily integrates with any online banking solution. We have been long-time business partners with iPay and have used its platform to process the electronic bill payments initiated with our NetTeller Bill Pay solution used by more than 1,075 banks and credit unions. We pursued this acquisition based on our first-hand experience with iPay's payments expertise and technology, its commitment to consistently deliver best-of-breed solutions, the outstanding service levels it provides, and our consistent corporate cultures. This is a key acquisition that supports our expansion in the electronic payments industry and further strengthens our payments offering."

Kevin Williams, CFO, said, "Consistent with our disciplined acquisition strategy, iPay Technologies, which is our largest acquisition to-date, adds proven solutions that complement our existing products and services, expands our presence and potential in the growing payments industry, broadens our reach outside our core client base with a highly competitive online bill pay solution, and increases our transaction-based and recurring revenues."

"iPay and Jack Henry have enjoyed a great partnership and we are thrilled that our two companies are now coming together," said Bill Ready, President of iPay Technologies.  "Jack Henry has a reputation for outstanding service and provides a breadth of phenomenal products.  Our combined capabilities will allow us to further enhance and expand the high quality, innovative products and services that our customers and partners receive from us today."

The acquisition is expected to close in June 2010, subject to regulatory approvals and customary closing conditions.  Jack Henry & Associates was advised by Wells Fargo Securities and the law firm of Stinson Morrison Hecker LLP.  William Blair & Company served as iPay's financial advisor in the transaction, and Choate, Hall & Stewart LLP provided legal counsel to iPay.

About iPay Technologies

iPay Technologies, owned by Spectrum Equity Investors, Bain Capital Ventures and management, provides online bill payment solutions and unmatched service to more banks and credit unions than any other bill payment provider.  That includes more than half of the nation's credit unions and nearly 40 percent of the nation's community banks that use bill payment software. iPay's turnkey online bill payment solutions help financial institutions to attract, retain, and grow their most profitable customers. iPay was ranked a top performer among bill pay processors by Aite Group in their 2009 industry impact report. Additional information is available at www.ipaytechnologies.com.

About Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations.  Its technology solutions serve more than 11,800 customers nationwide, and are marketed and supported through three 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.  Additional information is available at www.jackhenry.com.

SOURCE Jack Henry & Associates

Saylent Technologies Announces “Checking 2.0” to Bring Fairness to Consumers and Financial Institutions

New Overdraft and Reward Checking Accounts Help Consumers and Bankers Work Together



FRANKLIN, Mass.--(BUSINESS WIRE)--Saylent Technologies, Inc., a pioneering provider of payment intelligence software, today announced “Checking 2.0,” a new way for financial institutions and consumers to work together towards a common goal.



“Consumers are purchasing a service from financial institutions, and that service has a delivery cost. The total cost, however, is based on how the consumer banks”



“The marketplace is marred with distrust between consumers and financial institutions. We saw a need for a solution that creates a win-win for consumers and financial institutions alike, since the reality is one cannot prosper without the other,” said Tyson Nargassans, president of Saylent Technologies.



Checking 2.0 is grounded in respect and fairness between the consumer and the financial institution. Utilizing its Account360™ solution, Saylent developed two new Checking 2.0 accounts: Overdraft Forgiveness Checking and Reward Checking 2.0.



Recent regulatory changes highlighted the practice of overdraft fees. While overdraft’s original design was well-intended and saved the consumer the embarrassment of a bounced check, it has led to the “$40 latte,” where an everyday purchase triggers an overdraft fee. Saylent’s Overdraft Forgiveness Checking allows consumers to overdraw their accounts one time per statement, for any reason, and the bank will waive the fee. As an incentive not to overdraw their account, these consumers can also earn interest and cash rewards for managing their money well and banking electronically.



The reduction in overdraft fees also creates a sizeable revenue shift for financial institutions. Its impact will be felt on free checking accounts, which have been largely subsidized by overdraft fees. Reward Checking 2.0 seeks to balance service fees, free checking and rewards checking. It charges a modest fee to the consumer to service the account, but provides opportunities to waive those fees and then earn interest and cash-back.



“Consumers are purchasing a service from financial institutions, and that service has a delivery cost. The total cost, however, is based on how the consumer banks,” Nargassans explains. “Reward Checking 2.0 is the new ‘free’ checking account for the post-recession world. It recognizes this cost, but it provides a way for the consumer to waive those fees as well as a way to make their money work harder for them. Consumers get world-class service and an opportunity to earn more. And financial institutions promote banking activities that help them operate more efficiently. That’s the win-win the market needs.”



Account360 is integrated with the financial institution’s core platform and provides real-time, automated adjustments to accounts based on their banking activity. Customers of Jack Henry & Associates’ Silverlake® and CIF 20/20® solutions have access to these solutions through the pre-integrated, hosted BIG Rewards product.  

About Saylent Technologies, Inc.

Saylent Technologies, based in Franklin, Mass., develops payment intelligence solutions to help financial institutions attract and retain accounts. Employing innovative analytics and segmentation techniques, Saylent’s Card360 solution identifies card usage patterns by cardholder, targets underperforming or at-risk segments and enables corresponding marketing programs and metrics. Saylent’s Account360 solution provides a holistic perspective on customers across all payment types, enabling financial institutions to understand and reward profitable behaviors. For more information, please visit www.saylent.com or call (508) 570-2161.



About Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,300 customers nationwide, and are marketed and supported through three 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. Additional information is available at www.jackhenry.com.

ProfitStars Conference Educates FIs

Dallas, March 8, 2010 -PIN Debit News Blog- The 2010 ProfitStars Educational Conference offers more than 100 informational sessions for financial institutions to learn and network with peers about best practices, gain updates on the latest profit-enhancing solutions and meet with some of the industry’s leading product experts. Payment processing, financial performance, retail delivery and network performance topics will all be focused on minimizing challenges and maximizing opportunities in today’s marketplace.

Select sessions are eligible for CPE (Continuing Professional Education) credits and/or AAP (Accredited ACH Professional) renewal credits by NACHA, a program that recognizes an individual’s expertise in the field of electronic payments.

ProfitStars provides solutions that improve financial institutions’ performance. The company invites its more than 9,100 customers, including 42 of the top 50 U.S. banks and 29 of the top U.S. credit unions, to convene for thought-leadership seminars and discussions about new issues and profit-enhancing trends. The keynote speaker is Thomas Quaadman, executive director for Reporting Policy and Investor Opportunity at the U.S. Chamber Center for Capital Markets Competitiveness.



Where: The Venetian, Las Vegas

When: March 9 – 12, 2010



Contact: Heather Sugg



About ProfitStars

ProfitStars, a division of Jack Henry & Associates, Inc., provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control; and complement virtually any core information processing platform. Additional information is available at www.profitstars.com .



About Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,800 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking™ supports banks ranging from de novo to mid-tier institutions with information and transaction processing solutions. Symitar™ is the leading provider of information and transaction 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. Additional information is available at www.jackhenry.com .

Source: Company press release.





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CornerStone to Use Jack Henry & Associates for Automation

Monett, Mo., Sept. 16, 2009 -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that CornerStone State Bank has selected Jack Henry Banking’s Core Director core processing system to provide enterprise-wide automation. This Minnesota-based bank, which has more than $95 million in assets, will implement Core Director in-house.



According to Chad Olness, president of CornerStone State Bank, “Technology is a key component in a bank’s ability to continually enhance the levels of service and convenience it delivers, aggressively and successfully compete, increase profitability and operating efficiencies, and contain operating costs. After a strategic evaluation of our current and long-term technology requirements, we evaluated multiple technology platforms and companies with several fundamental goals. We wanted to streamline our operations and the ongoing support process with a single vendor relationship. We wanted a technology partner that has a large and loyal customer base. We wanted to improve operating efficiencies and reduce our silos of technology with a fully integrated technology platform. And we wanted a core system that has the vendor’s long-term commitment. We believe we met each of these goals and can support our aggressive technology plan and high expectations through our technology partnership with Jack Henry Banking and the operating infrastructure based on Core Director.”



Core Director is a Windows®-based, client/server system that provides banks ranging from de novo institutions to those with assets exceeding $2 billion with enterprise-wide automation. The system leverages the industry’s most cost-efficient operating platform, can be installed in-house or implemented through Jack Henry Banking’s OutLink Data Centers™, and is fully integrated with more than 50 complementary products and services. Core Director provides intuitive point-and-click operation and customizable functionality, and supports unique user preferences and specific functional requirements with an extremely flexible browser user interface that can be easily customized and continually modified for every system user.



Tony Wormington, president of Jack Henry & Associates, said, “We are excited that CornerStone State Bank has joined the more than 230 banks that have already entrusted their ability to process financial transactions, automate business processes, and manage their mission-critical information to Core Director. We believe our proven ability to provide the integrated business tools that banks need to execute and maximize their business strategies and to capitalize on the dynamic trends shaping customer expectations and the financial services industry will enable us to establish a long and successful technology partnership with this progressive bank.”



In addition to Core Director, CornerStone State Bank will initially implement an array of Jack Henry Banking’s complementary solutions including Core Director® Teller, the InTouch Voice Response® telephone banking solution, NetTeller Online Banking™, NetTeller Cash Management™, the NetTeller Bill Pay™ solution, Electronic Statements—Interactive, components of the modular Synergy™ Enterprise Content Management (ECM) solution, and the 4|sight™ Item Imaging platform.



About CornerStone State Bank



Chartered in 1974, as one office in Le Sueur, Minnesota, now CornerStone State Bank has grown into five communities; Le Sueur, Cloquet, Belle Plaine, Montgomery, and Green Isle, Minnesota. As an independent locally owned bank, all staff at CornerStone State Bank is committed to hometown service and the growth of our customers and communities. Additional information is available at www.CornerStonestatebank.com .



About Jack Henry Banking



Jack Henry Banking, a division of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for banks ranging from de novo to mid-tier institutions. Jack Henry Banking currently serves approximately 1,500 banks as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.jackhenrybanking.com .



About Jack Henry & Associates, Inc.



Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 9,800 customers nationwide, and are marketed and supported through three 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. Additional information is available at www.jackhenry.com .


Source: Company press release.