South Carolina State Credit Union Selects Open Solutions Relational Co

    Business Editors

    GLASTONBURY, Conn.COLUMBIA, S.C.--(BUSINESS WIRE)--May 5, 2005--South Carolina State Credit Union (SCU) has selected Open Solutions' (NASDAQ: OPEN) The Complete Credit Union Solution(R) as its core data processing platform. After an extensive review process, SCU decided to partner with Open Solutions. Open Solutions is a provider of integrated enabling technologies for community financial institutions. Its relational data processing, open architecture and member-centric platform is designed to allow credit unions such as SCU to better meet the increasing financial service needs of a growing membership.
    SCU, with $350 million in assets and 18 branch locations across the state and its more than 89,500 members, needed to upgrade its current system platform so the credit union could have more flexibility in account services while accommodating rapid growth and expansion in the most cost-effective manner. The credit union will implement The Complete Credit Union Solution as well as Open Solutions' CRM/business intelligence, payment and loan origination, voice response, safe deposit box, premium overdraft, asset collection management, ATM products and multi-channel management products.
    According to Rick Hammond, president of SCU, Open Solutions' open system architecture, third-party relationships and ability to develop and deploy new products and services quickly and efficiently, were key factors for their decision to implement The Complete Credit Union Solution. "We wanted a solution that could help us better understand our members' financial needs. One of the credit union's primary goals is to increase the number of relationships each member has at the credit union to move closer to primary financial institution status. This means we must know what services our members want and promptly deliver them."
    The Complete Credit Union Solution was designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It provides users with a fully-featured strategic product platform that integrates core data processing applications that are designed on a single centralized Oracle(R) relational database, with Internet banking, cash management, member business services, CRM/business intelligence, financial accounting tools, credit card processing, electronic image/item processing, Check 21, interactive voice response, and payment and loan origination solutions.
    "SCU's elected officials and senior management team realized that the time had come to review new technology platforms for the benefit of our growing membership," Hammond said. "While we were not unhappy with our current processor, we were concerned that the legacy-based system would, one day, be incapable of supporting our plans for growth. With Open Solutions, we will be poised to offer the leading edge products and services our members have come to expect."
    Gary Daniel, SVP and general manager of Open Solutions' Credit Union Group, said, "SCU was very clear and concise with what they wanted and expected to accomplish with a new technology infrastructure. The Complete Credit Union Solution delivers real-time core data processing in an open architecture, coupled with all the efficiencies for the front and back office operations, to assist SCU in its goal to make member information more attainable."
    Hammond added, "In selecting a technology partner, not only is it important to have a solution that meets our needs, but it is also important for the two companies to share the same business philosophies. At every level of Open Solutions, the people are top-notch. During the sales process, Open Solutions' senior management presented how the company was going to take credit unions to the next level in serving their members. Open Solutions' forward thinking approach is very impressive. The open architecture and technology platform will definitely position SCU for future growth."
    Chairman and CEO of Open Solutions, Louis Hernandez, Jr., said, "Open Solutions is dedicated to providing our credit union clients with focused solutions that can increase individual productivity and increase the level of service they provide to their members. We believe The Complete Credit Union Solution offers the most advanced functionality and technology in today's aggressive market. We also believe our relational core data processing suite, as well as our complementary products, will play an important role in helping SCU meet and exceed its business goals."

    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, payment and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions in the United States and Canada 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.

    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" in the Company's Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the Securities and Exchange Commission.
    Editor's note: For more information about South Carolina State Credit Union visit www.scscu.org or call 803.343.0300.

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CONTACT: Open Solutions Inc., Glastonbury Marvin (Mickey) Goldwasser, 860-652-3153 mgoldwasser@opensolutions.com

KEYWORD: CONNECTICUT SOUTH CAROLINA INDUSTRY KEYWORD: HARDWARE ADVERTISING/MARKETING BANKING SOFTWARE NETWORKING PRODUCT SOURCE: Open Solutions Inc.

Copyright Business Wire 2005