MONETT, Mo. - Jack Henry & Associates Inc., a leading provider of integrated computer systems and ATM/debit card/ACH transaction processing, has purchased Florida-based TWS Systems Inc., according to a news release.
TWS Systems provides image-based item processing solutions for credit unions and is the leading provider of ATM deposit-processing solutions for banks and credit unions.
Terms of the transaction were not disclosed. Imagecenter, TWS' turnkey, image-based item-processing platform has dominated the industry for more than 16 years and has been implemented by a majority of the credit unions that have migrated to check imaging, the release noted.
The system, which is available for in-house installation or through strategically located item-processing centers, supports all forms of checks - counter, ATM and mailed deposits -and all forms of remittance payments.
"This acquisition provides the opportunity to integrate the core competencies of two industry leaders," said Jack F. Prim, chief executive officer of Jack Henry, in the release. "Integrating Episys, the core processing solution offered by Jack Henry's Symitar subsidiary and used by more credit unions with assets exceeding $25 million than any other system, with Imagecenter, the dominant image-enabled item processing solution, will provide a competitively distinct enterprise-wide solution, will generate growth opportunities for both platforms, and will support our collective clients with a value-added solution."
TWS Systems also leveraged Imagecenter to provide a first-of-its-kind solution that automates the manual processing of ATM deposits. The system's end-to-end functionality includes image capture and processing at the ATM, courier tracking and monitoring, fraud detection and prevention, automated balancing, and a comprehensive audit trail, to name a few.
"Acquiring TWS Systems clearly supports our objectives to continually add larger financial institutions to our client roster, to further differentiate and broaden our integrated solutions, and to add value for our clients," said Tony L. Wormington, president of Jack Henry.
