Royal Credit Union Selects Open Solutions' Relational Core Processing

Royal Credit Union Selects Open Solutions' Relational Core Processing Suite

    Business Editors

    GLASTONBURY, Conn.--(BUSINESS WIRE)--Feb. 28, 2005--

Credit Union Cites Open Architecture, System Flexibility and Ability to Grow as Reasons for Decision
    Open Solutions Inc.(R) (NASDAQ: OPEN), a provider of integrated enabling technologies for financial institutions, announced that Royal Credit Union (RCU) of Eau Claire, Wis. has selected Open Solutions' The Complete Credit Union Solution(R), a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. With more than $650 million in assets and over 105,000 members, RCU selected Open Solutions after reviewing seven core technology providers.
    "The Oracle database at the heart of Open Solutions' relational core data processing design was a key factor in our decision," said RCU's Chief Information Officer Jim Watts. "Open Solutions, architecturally, had a more stable design on the front and back-ends than the competitive products we reviewed. Open Solutions' uses a contemporary technology platform that is Windows(R)-based on the front end, making it easier to train our staff and also easier for them to use."
    Unlike many credit unions in its market, Royal Credit Union has maintained a large business lending portfolio for many years. Its business lending portfolio is the seventh largest in the nation among credit unions, and RCU has plans to expand the business. According to Watts, RCU found that Open Solutions' business offerings and full suite of cash management products would provide the credit union the same functionality and services that its member businesses could find at a commercial bank.
    "This is an opportunity for us to bring new products to market much faster than we could on our previous, legacy platform," Watts said. "Shaving time off the product to market and product development timetables is important to us. Our members deserve the best options available; this is one of the ways we are ensuring our capacity to deliver those options in a timely manner. We believe that the Open Solutions' technology will also grow with our credit union as we expand our member business offerings."
    RCU also selected several Open Solutions' products including the accounts payable and general ledger suite, interactive voice response, consumer and mortgage lending, cView (CRM/business intelligence) and eCommerce Banker(TM) (cash management and Internet banking) applications.
    Watts said, "We wanted a suite of products from a technology provider that could integrate our delivery channels, as well as our repositories of member information -- whether from our deposit operations or our extensive lending portfolios. As a business manager, there are only a few types of tools that enable you to dramatically accelerate your growth strategy. We see technology, particularly with our relationship with Open Solutions, as one such tool. Automation led by a strategy to win gives our staff more resources and time to focus on growing the business and providing the types of financial products our members need to bolster their own fiscal goals."
    Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "Royal Credit Union has very unique needs, and we are happy its management team selected Open Solutions, our relational core data processing, as well as so many of our complementary product offerings. We believe that an open platform technology at the core of an institution's technology infrastructure is key to its continued success. Once that is in place, strategies can be built around the platform such as other process improvement and technology initiatives. It is no longer enough for institutions to 'bolt on' yet another middleware solution to make up for the deficiencies of a legacy system. Effective delivery channels and process automation strategies truly begin with a better core platform. We are pleased that Royal Credit Union has selected our company, and we look forward to working with them in the years to come."
    Royal Credit Union is the largest financial institution in northwestern Wisconsin. With 11 branches, it serves a 19-county area and employs more than 450 people. Along with its expansive commercial loan portfolio (member business lending), the credit union has a sizeable mortgage lending portfolio and unique relationships in the secondary mortgage market.

    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 payment and loan origination solutions. Open Solutions' full suite of products and services allows 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) and The Complete Credit Union Solution(R) are registered trademarks 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. 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 Affecting Future Operating Results" attached as Exhibit 99.3 to Open Solutions' Current Report on Form 8-K dated Feb. 2, 2005, as filed with the Securities and Exchange Commission on Feb. 4, 2005.

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CONTACT: Open Solutions Inc. Marvin (Mickey) Goldwasser, 860-652-3153 mgoldwasser@opensolutions.com or Andrew McCaskill, 678-781-7210

KEYWORD: CONNECTICUT INDUSTRY KEYWORD: HARDWARE BANKING SOFTWARE NETWORKING PRODUCT SOURCE: Open Solutions Inc.

Copyright Business Wire 2005