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Jack Henry to acquire iPay Technologies

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MONETT, Mo. (5/10/10)--Jack Henry & Associates Inc. announced Friday it had entered into a "definitive agreement" to acquire electronic bill pay provider iPay Technologies, a portfolio company of Spectrum Equity Investors and Bain Capital Ventures. Jack Henry provides integrated technology solutions and data processing services for financial institutions, including credit unions. iPay is a large independent electronic bill pay provider. Through strategic partnerships with more than 50 information processing and online banking solutions providers, iPay's turnkey online bill pay services and technology support more than 3,600 banks and credit unions. The agreement specifies that Jack Henry will purchase all equity of iPay for $300 million in cash, subject to certain closing and post-closing adjustments. 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 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. Jack Henry and iPay have been long-time business partners, and Jack Henry has used iPay's platform to process the electronic bill payments initiated by its NetTeller Bill Pay solution used by more than 1,075 credit unions and banks, said Jack Prim, CEO of Jack Henry & Associates. The acquisition is expected to be complete in June, subject to regulatory approvals and customary closing conditions.

Universal Mortgage Corp. announces closure

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MEQUON, Wis. (5/10/10)--Universal Mortgage Corp., a mortgage bank that counted credit unions among its clients, has informed state officials in Wisconsin it will begin to close permanently this month. The Mequon, Wis.-based Universal told the Department of Workforce Development in a letter that it had been unsuccessful in finding capital or a buyer to forestall closing (Milwaukee Journal Sentinel May 3). The shutdown will begin May 15 and continue through the end of the month. It will eliminate about 100 jobs.

Economy a perfect storm for HRTD managers says paper

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MADISON, Wis. (5/10/10)--Economic downturns can be the equivalent of a “perfect storm” for human resources managers charged with boosting performance and maintaining morale while instituting cost-saving measures that hit employees in their pocketbooks. So says a white paper from the CUNA Human Resources/Training Development (HR/TD). “Employee Relations and Performance Management During an Economic Downturn” explores how credit unions can use a performance management approach to develop a system for evaluating performance and offering rewards even as they adjust compensation and staffing during an economic downturn. The paper is based on information gathered from human resources leaders at six credit unions and an expert from a nationwide consulting firm. IT addresses the need for strong executive leadership, transparent communication, well-defined strategies for adjusting compensation and staffing levels, and the ability to maintain morale with recognition and reward programs, said the council. Participating credit unions say tough times have an unexpected benefit in forcing organizations to examine their values and their operations, including how they relate to employee compensation and performance management. Making difficult decisions about compensation and staffing levels can bring an unexpected clarity to the principles that guide policies, which can be articulated to employees and members, the paper said. For more information, use the link.

Xtend Inc. has best six months in history

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GRAND RAPIDS, Mich. (5/10/10)--Xtend Inc., a Grand Rapids, Mich.-based credit union service organization, said sales for Oct. 1 to March 31 were more than 39% higher than the same period a year ago and surpassed the highest six-month period by more than 23%. Xtend’s bookkeeping services grew 30%, and its electronic communications business grew 14%, said Scott Collins, president. The company also announced that it will host its eighth annual stockholders’ meeting June 22 in Grand Rapids. Collins and board Chairman Brian Turmell, CEO of AAC CU, Grand Rapids, will host the meeting. Collins said he expects as many as 300 industry professionals to attend at least one of the networking events at the meeting. Xtend provides managerial, operational, marketing, technical planning and consulting services for credit unions.