$1.3 Billion FAIRWINDS Credit Union Implements Open Solutions' Enterprise-wide Data Processing Platform.GLASTONBURY, Conn. -- Open Solutions Inc.(R) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : OPEN) announced that Orlando, Fla.-based FAIRWINDS Credit Union has successfully implemented Open Solutions' relational core platform, The Complete Credit Union Solution(R) (TCCUS TCCUS The Complete Credit Union Solution (Open Solutions, Inc) ), and other complementary applications to handle its enterprise-wide data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a needs. Open Solutions is a provider of integrated enabling technologies for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and international markets. FAIRWINDS Credit Union has assets of $1.3 billion, 25 branches throughout central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. and approximately 125,000 members. "We looked at our conversion as an opportunity to rebuild from the ground up, and with Open Solutions, we knew we had the right building blocks," said Charles Lai, CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. at FAIRWINDS Credit Union. "Open Solutions provided the high level of implementation support you would expect in an endeavor so complex. Their implementation team is extremely knowledgeable and professional, and with their guidance, our credit union managed this process with fewer issues and less stress than similar conversions." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lai, "We recognized early that every successful conversion has three elements: a successful technical change, a successful organizational change and solid member awareness. All three have to be well-executed for the overall conversion to be a success," Lai said. "We mailed materials to members as early as six months out to prepare them for our 'metamorphosis' - our slogan for the implementation. We educated members to look for the metamorphosis logo - a butterfly - which was their indicator that new conversion-related information was available." To help facilitate the organizational change, Lai said the credit union established weekly "Branch Buddy" training sessions to supplement the core training curriculum developed at the beginning of implementation. "We discovered that just weeks before implementation, we were still polishing interfaces and processes, and needed an effective avenue to get this information back to all our staff. The Branch Buddies took on this role to learn the latest enhancements each week leading up to conversion, and facilitated a knowledge share with their co-workers," Lai said. "During the implementation, the Branch Buddies also provided front-line support for general questions. Our target was for the Branch Buddies to field 80 percent of the general questions generated by staff during week one. They did an amazing job." "We tripled the capacity of our existing member call center, increased our number of agents from 25 to 90 in preparation for the change, and expanded our operating hours during conversion," Lai said. The credit unions' operations were on a legacy system for almost 22 years. According to Lai, "Initially, we selected Open Solutions because their open architecture applications could support our future growth initiatives and provide a more comprehensive view of the member. The Complete Credit Union Solution allows us to develop customized products and offer more services for our business accounts." According to Lai, FAIRWINDS' strategy is to double its current number of branch locations, with a total of 50 branches established by 2008. "Our members' need for convenience drives our expansion plans, and we are excited by our partnership with Open Solutions and the opportunities it brings. We look forward to tailoring this system to enable the credit union to provide a wide variety of financial services, which will meet or exceed the needs of our membership." Louis Hernandez, Jr., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Open Solutions, said, "Open Solutions has developed an outstanding implementations process to ensure conversions are smooth and seamless. Our implementation team is highly qualified, hard working and dedicated to client satisfaction. We are fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to meeting the technological and support needs of FAIRWINDS Credit Union and look forward to a long partnership and playing a significant role in helping them achieve their 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 relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. , with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. and design, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers 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
Danziger Goldwasser (German: Gold water of Danzig 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. and The Complete Credit Union Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2006 Open Solutions Inc. All rights reserved. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 example, we encounter a long sales and implementation cycle requiring significant capital commitments by our clients which they may be unwilling or unable to make. 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 Open Solutions' Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the three months ended June 30, 2006, as filed with the Securities and Exchange Commission. Editors Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the to refer to the company. |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion