Search
 

Jack Henry Acquires Biometrics Firm

MONETT, Mo. - Jack Henry & Associates, parent company of credit union data processor Symitar Systems, is getting into biometrics. The firm announced last week its acquisition of biometrics firm Verinex Technologies based in California. Details of the transaction were not disclosed. Verinex's Biodentify product utilizes fingerprint authentication to provide...

By Staff Writer | Updated on October 12, 2004

MONETT, Mo. – Jack Henry & Associates, parent company of credit union data processor Symitar Systems, is getting into biometrics. The firm announced last week its acquisition of biometrics firm Verinex Technologies based in California. Details of the transaction were not disclosed. Verinex’s Biodentify product utilizes fingerprint authentication to provide higher levels of security, said the company. Jack Henry & Associates President Tony Wormington said Jack Henry wanted this business to help its clients with password administration, which is becoming more expensive. “The Gartner Group and IDC estimate that password administration and management costs can total $200 to $300 per user, per year; not including the cost of compromised proprietary information. The research also confirmed that 20 to 50% of all help desk calls are requests for password resets, and the average labor cost for a single password reset is $38,” said Wormington. He said biometrics can help eliminate user names and passwords and the related costs that go with them. The company said that the new biometrics technology will be available in its credit union and bank systems. Jack Henry also announced that it has completed its previously announced acquisition of Select Payment Processing, Inc., an EFT firm.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.