BECU Employs Open Solutions Inc. Core Processing Product and Personnel to Help Complete Largest Technology Conversion in Credit Union History.Business Editors GLASTONBURY, Conn.--(BUSINESS WIRE)--March 17, 2003 Institution replaces a 20 year-old legacy system in one weekend Boeing Employees' Credit Union (BECU BeCu Beryllium Copper BECU Boeing Employees Credit Union BECU Brethren Employees' Credit Union (Church of the Brethren) BECU Body Electronic Control Unit (automotive) BECU Bowater Employees Credit Union ), the largest financial cooperative in Washington State and the third largest credit union in the nation, announced the successful implementation of Open Solutions Inc.'s (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 ) The Complete Credit Union Solution(TM) (TCCUS TCCUS The Complete Credit Union Solution (Open Solutions, Inc) ) to handle the institution's retail transactions, consumer loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. and integration strategy. BECU, with more than $4 billion in assets, completed the largest technology conversion in credit union history. "Open Solutions' personnel proved invaluable in helping this conversion happen with minimal effect on operations and member service," said Butch Leonardson, Vice President of Information Technology for BECU. "Open Solutions was at the top of our list of vendors to replace our transaction system. The openness of their technology was in line with our integration strategy. The commitment of their staff to the success of this project was exemplary; they were truly our partners in this ambitious undertaking." "We leave nothing to chance when it comes to our client institutions' data and operations proficiency," said Andrew Bennett Andrew Francis Bennett (born March 1939) is a British politician, and was member of Parliament for Denton and Reddish until he retired in 2005. He is a member of the Labour Party. A teacher, Bennett was elected to Oldham Borough Council in 1964, and served on it until 1974. , Senior Vice President of Operations. "Some members of our conversion team took their families with them to Seattle for the summer while we tested the BECU data and conversion strategy. Our combined team of BECU employees and Open Solutions' personnel was completely confident that when we flipped the switch, everything would work as planned." Over the Veterans Day holiday in November 2002, the credit union went live with an entire new technology framework, replacing a 20-year-old legacy transaction system and a number of other applications that had been grafted on the mainframe platform. In addition to Open Solutions' TCCUS, BECU installed a total of seven software applications during the conversion process, garnering the institution a "Best System Conversion Of The Year" award from Cornerstone Advisors Inc., a banking and credit union technology consultant group. 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. Leonardson, Open Solutions' open architecture technology platform and software partnerships were key to the institution's long-term, global IT strategy. "Embedded within Open Solutions' enterprise core 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 application, The Complete Credit Union Solution, is a powerful integration engine. This technology enables BECU to quickly integrate applications without having to build multiple interfaces. We can offer new products and services to our members without any integration worries regarding effects to other applications. Open Solutions provides open systems technology; that means more options 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." Other standout features of the relational core data processing solution include on-line signature and picture verification of members, an extensive deposit and lending system, business functionality, fully integrated optical storage for reports and forms, and the power to customize the system to create new products or update older ones. "Open Solutions is proud to have played such an integral role in a conversion of this magnitude," said 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 Inc. "BECU is one of the most progressive and visionary financial institutions in the industry. We value our relationship as their technology partner and ally in achieving their strategic goals for their institution, as well as their members. Open Solutions has spent the past ten years developing and compiling the best solutions and services available in the marketplace, and our mission for all of our client institutions is to offer enabling technologies that surpass their expectations and needs well into the future." About Boeing Employees Credit Union Founded in 1935 as the Fellowship Credit Union and renamed in 1949, Boeing Employees Credit Union is the largest financial cooperative in the state of Washington and the third largest credit union in 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. . It serves close to 323,000 members worldwide and has assets of over $4 billion. For more information about Boeing Employees Credit Union, contact Butch Leonardson at 206.439.5976, write 12770 Gateway Drive, Tukwila, WA 98168, or email bleonardson@becu.org. Visit the company's Web site at www.becu.org. About Open Solutions Open Solutions Inc. (OSI) offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) 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, electronic commerce, CRM/business intelligence, financial accounting tools, imaging and loan origination 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. solutions. OSI's full suite of products and services allows banks, savings institutions and credit unions to better compete in today's aggressive financial services marketplace, 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 at 860.652.3153, via fax at 860.652.3156, or email mgoldwasser@opensolutions.com. Visit OSI's Internet site at www.opensolutions.com. |
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