MONETT, Mo. (6/29/10)--Jack Henry & Associates Inc., which acquired Pemco Technologies in October, announced that Pemco Technologies will be rebranded as JHA Payment Processing Solutions and will operate as a division of Jack Henry & Associates. Jack Henry, a provider of integrated technology solutions and data processing services for financial institutions, was contractually committed to rebrand Pemco within one year of the acquisition. The acquisition will strategically complement Jack Henry's ATM and debit card solutions with credit and prepaid card solutions. It also positions the company to support financial institutions with a broader array of payment-related solutions that are collectively supporting more than 1,000 banks and credit unions. According to Terry McMullen, general manager of E-Services, "This acquisition supports our goal to provide our clients and prospects with a more complete product offering that includes ATM, debit, credit, and prepaid card solutions, and generates more opportunities to increase our presence and potential in the growing payments industry." He noted that the company will begin selling JHA Payment Processing Solutions, which historically have been available exclusively for credit unions, to banks.
PHILADELPHIA (6/29/10)--VINtek has signed its 1,000th customer, said the provider of automotive collateral management and electronic lien and title (ELT) services for automotive finance lenders, including credit unions. VINtek continues to add multiple clients a day across all its lines of businesses, the Philadelphia-based company said. Driving the growth is its ELT solution, VintekTIME. The solution enables lienholders to receive electronic titles, instead of paper titles, from a state Department of Motor Vehicles. The use of electronic vehicle titles is expanding in the U.S. Fifteen states have implemented an ELT program, with four state legislatures mandating that lenders use the electronic title process. VINtek customers range from small credit unions and buy-here-pay-here dealerships, to to-tier banks. Four of the top five U.S. banks and the world's largest credit union use VINtek for automotive collateral needs. "VINtek's ELT solution has taken market share because it is easy to use, reliable and incorporates the latest in data security and maintenance standards," said VINtek President Larry Highbloom. "We have never lost an ELT record or had to resend previously sent data files. We continually enhance products to keep our customers on the leading edge of lending technology so that they remind the number one vehicle financing source for their customers and members."