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Jack Henry Partners With TransCard To Offer Prepaid Cards

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MONETT, Mo. (2/14/13)--Jack Henry & Associates is partnering with TransCard to prepaid cards to credit unions and banks.

Jack Henry's ProfitStar and Symitar divisions will sell the cards, which give credit unions the ability to offer payroll cards, reloadable prepaid cards, and gift cards that generate additional revenue from commercial and retail members, and also attract new members from the underbanked and unbanked market segments.

Credit unions can hold the deposits, share in the interchange income, and set their own pricing, which generates cardholder fee income.

TransCard, which offers prepaid products to financial institutions, will provide operational support and customizable marketing materials for the cards.

Jack Henry also announced its Symitar division received commitments from 18 credit unions to adopt its Episys core platform during the first half of the organization's 2013 fiscal year, which spanned July 1 to Dec. 31.

Symitar also saw strong demand for outsourcing from credit unions of all sizes. Fourteen credit unions migrated from their in-house Symitar systems to outsourced solutions. Four of the credit unions elected to migrate to Symitar EASE, the Episys outsourced solution, and 10 moved to the Cruise outsourced solution.