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31.03.2005 13:02:00
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Oklahoma Employees Credit Union Selects Open Solutions' Advanced Tech
Oklahoma Employees Credit Union Selects Open Solutions' Advanced Technology to Address Their Growing Needs Converting from outsourced data center operations to in-house processing
Open Solutions Inc.(R) (NASDAQ:OPEN), a provider of integrated enabling technologies for community financial institutions, announced that Oklahoma Employees Credit Union (OECU) in Oklahoma City has selected Open Solutions' The Complete Credit Union Solution(R), a relational core data processing platform for credit unions, to address its core data processing needs. After conducting an extensive search of various vendors, the management of OECU also decided that Open Solutions provided the best technology path to bring their data processing needs in-house.
With approximately $195 million in assets and more than 36,000 members, OECU realized a need to upgrade its current operations. Mark Kelly, president of the credit union, said, "Our credit union has experienced significant growth, and we decided that being able to maintain our own system, as opposed to outsourcing our data center operations, would better match our needs. After many years on our current platform, our goals dictated that we find technologies that more fully addressed the needs of our growing membership, staff and management team."
Oklahoma Employees used FiTech Systems' MANAGER Gold Data Center platform. After Open Solutions purchased FiTech in June of 2003, OECU wanted to review the products and services Open Solutions offered credit unions for in-house operations. "Technology plays a vital role in the service we can provide our members," Kelly said, "and being able to provide the products and services that our members want and need is the cornerstone to our business. Operating in a data center environment was good for us in the past; however, we decided that bringing the operations in-house would be to our advantage long term."
Senior Vice President and General Manager of Open Solutions' Credit Union Group Gary Daniel said, "I applaud Oklahoma Employees Credit Union for its decision to bring its operations in-house with Open Solutions' technology product suite. We believe that it will further allow OECU to more quickly deploy its technology applications while offering efficient, scalable processing; easily-accessible member information; and the ability to give its members more competitive products and services."
The credit union performed due diligence on several competitive solutions before rendering the decision to install Open Solutions' relational core system. In addition to core processing, the credit union will also implement several other Open Solutions products: consumer loan origination with automated decisioning, mortgage loan origination, Internet banking, financial accounting, CRM/business intelligence and interactive voice response.
According to Kelly, Open Solutions' core system and their full suite of complementary products gave OECU everything they needed in terms of technology. OECU also wanted an open technology platform that would enable the credit union to better compete with other financial institutions as well as maintain detailed information about its members for cross-selling opportunities. "Other solutions weren't as flexible and architecturally advanced as The Complete Credit Union Solution. We didn't want to be hindered by software limitations. Additionally, we wanted to increase our ability to develop and maintain an even stronger business-lending offering. Open Solutions had all of those features - plus so much more."
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "We believe that Open Solutions gives community financial institutions one of the best selection of products, services and technology options available in today's marketplace. With The Complete Credit Union Solution, as well as our full suite of complementary products, servicing Oklahoma Employees Credit Union's data processing needs we are confident that they will be better able to meet its goals of increased member service capabilities and offering new products for its member business deposit and lending services. We are pleased OECU's management team has selected Open Solutions as their technology partner and we look forward to our continued partnership."
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, electronic image/item processing, Check 21, interactive voice response, and loan and payment origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
Open Solutions Inc. (R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2005 Open Solutions Inc. All rights reserved.
Safe Harbor Statement
Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For instance, we operate in a competitive business environment, and if we are unable to compete effectively, we may face price reductions and decreased demand for our products. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors That May Affect Future Results" in Open Solutions' Annual Report on Form 10-K for the year ended Dec. 31, 2004, as filed with the Securities and Exchange Commission on March 16, 2005.
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Business Editors
GLASTONBURY, Conn.--(BUSINESS WIRE)--March 31, 2005--
Open Solutions Inc.(R) (NASDAQ:OPEN), a provider of integrated enabling technologies for community financial institutions, announced that Oklahoma Employees Credit Union (OECU) in Oklahoma City has selected Open Solutions' The Complete Credit Union Solution(R), a relational core data processing platform for credit unions, to address its core data processing needs. After conducting an extensive search of various vendors, the management of OECU also decided that Open Solutions provided the best technology path to bring their data processing needs in-house.
With approximately $195 million in assets and more than 36,000 members, OECU realized a need to upgrade its current operations. Mark Kelly, president of the credit union, said, "Our credit union has experienced significant growth, and we decided that being able to maintain our own system, as opposed to outsourcing our data center operations, would better match our needs. After many years on our current platform, our goals dictated that we find technologies that more fully addressed the needs of our growing membership, staff and management team."
Oklahoma Employees used FiTech Systems' MANAGER Gold Data Center platform. After Open Solutions purchased FiTech in June of 2003, OECU wanted to review the products and services Open Solutions offered credit unions for in-house operations. "Technology plays a vital role in the service we can provide our members," Kelly said, "and being able to provide the products and services that our members want and need is the cornerstone to our business. Operating in a data center environment was good for us in the past; however, we decided that bringing the operations in-house would be to our advantage long term."
Senior Vice President and General Manager of Open Solutions' Credit Union Group Gary Daniel said, "I applaud Oklahoma Employees Credit Union for its decision to bring its operations in-house with Open Solutions' technology product suite. We believe that it will further allow OECU to more quickly deploy its technology applications while offering efficient, scalable processing; easily-accessible member information; and the ability to give its members more competitive products and services."
The credit union performed due diligence on several competitive solutions before rendering the decision to install Open Solutions' relational core system. In addition to core processing, the credit union will also implement several other Open Solutions products: consumer loan origination with automated decisioning, mortgage loan origination, Internet banking, financial accounting, CRM/business intelligence and interactive voice response.
According to Kelly, Open Solutions' core system and their full suite of complementary products gave OECU everything they needed in terms of technology. OECU also wanted an open technology platform that would enable the credit union to better compete with other financial institutions as well as maintain detailed information about its members for cross-selling opportunities. "Other solutions weren't as flexible and architecturally advanced as The Complete Credit Union Solution. We didn't want to be hindered by software limitations. Additionally, we wanted to increase our ability to develop and maintain an even stronger business-lending offering. Open Solutions had all of those features - plus so much more."
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "We believe that Open Solutions gives community financial institutions one of the best selection of products, services and technology options available in today's marketplace. With The Complete Credit Union Solution, as well as our full suite of complementary products, servicing Oklahoma Employees Credit Union's data processing needs we are confident that they will be better able to meet its goals of increased member service capabilities and offering new products for its member business deposit and lending services. We are pleased OECU's management team has selected Open Solutions as their technology partner and we look forward to our continued partnership."
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, electronic image/item processing, Check 21, interactive voice response, and loan and payment origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
Open Solutions Inc. (R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2005 Open Solutions Inc. All rights reserved.
Safe Harbor Statement
Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For instance, we operate in a competitive business environment, and if we are unable to compete effectively, we may face price reductions and decreased demand for our products. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors That May Affect Future Results" in Open Solutions' Annual Report on Form 10-K for the year ended Dec. 31, 2004, as filed with the Securities and Exchange Commission on March 16, 2005.
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CONTACT: Open Solutions Inc., Glastonbury Marvin (Mickey) Goldwasser, 860-652-3153 mgoldwasser@opensolutions.com or Media Contact Andrew McCaskill, 678-781-7210
KEYWORD: CONNECTICUT OKLAHOMA INDUSTRY KEYWORD: HARDWARE SOFTWARE INSURANCE BANKING PRODUCT MARKETING AGREEMENTS SOURCE: Open Solutions Inc.
Copyright Business Wire 2005
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