Complete Story
03/09/2010
ProfitStars® Reports Strong Remote Deposit Capture Growth with Record Transaction Volume
- Company Marks New Height with Daily Record of more than 1.25 Million Transactions -
Monett, Mo. - March 9, 2010 - Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced the continuation of record growth for the Remote Deposit Capture (RDC) solution provided by its ProfitStars division.
RDC is a Web-based electronic payment processing platform that enables businesses to make remote deposits by scanning the checks they receive as payment and converting them into electronic transactions that are processed through the ACH or Check 21 image exchange networks. Jack Henry & Associates sells its RDC solution to financial institutions and other businesses outside the financial services industry that in turn offer it to their merchant and business customers. RDC is an enterprise-wide solution for Jack Henry & Associates that is sold to the core bank clients supported by Jack Henry BankingTM, to the core credit union clients supported by SymitarTM, and to financial institutions outside the company's core client bases and to other diverse businesses by its ProfitStars division.
Strong industry demand for the best-of-breed solution drove record transaction volume. On January 4, 2010, an all-time daily high was achieved with more than 1.25 million transactions processed, and the overall volume continues to rise. In January, ProfitStars processed more than 14 million RDC transactions and moved approximately $13 billion in funds, representing an increase of 52 percent in transactions processed when compared to the same month in 2009. ProfitStars now supports more than 32,000 businesses in more than 100,000 locations with its RDC solution.
According to David Foss, president of ProfitStars, "The continued record growth that we are experiencing speaks to strong industry demand. ProfitStars is a definitive authority in RDC and we expect continued demand for our comprehensive, industry-leading solutions."
To support its RDC customers and future growth in the industry, ProfitStars will be hosting its 2010 ProfitStars Educational Conference in Las Vegas March 9-12. Industry professionals will convene for thought-leadership discussions and networking about best practices for payment processing, financial performance, retail delivery and more, all to help minimize challenges while maximizing opportunities.
ProfitStars also recently launched an online RDC Knowledge Center to assist customers and prospects with fulfilling aggressive, strategic RDC initiatives. The microsite - http://discover.profitstars.com/remotedepositexpert - is an educational resource for disseminating relevant and timely information to any financial institution wanting to begin, grow, or enhance its RDC offerings while also creating awareness of the breadth and depth of all ProfitStars RDC products and related solutions.
