Clinton Savings Bank Selects Open Solutions' ABA-endorsed Imaged-based Item Processing.156-year-old community bank to streamline processing operations GLASTONBURY, Conn. -- Clinton, Mass.-based Clinton Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. announced it has selected Open Solutions Inc.'s [R] imaged-based item processing solution, ISCheck, to streamline its check processing operations. Open Solutions is a leading provider of integrated enabling technologies for financial service 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 internationally. Established in 1851, Clinton Savings Bank was the first bank to open in the Clinton community. Since its inception, the bank has grown to more than $463 million in assets with more than 34,000 client accounts. Clinton Savings selected Open Solutions for its check imaging system because of the bank's history with the company. The bank already uses The Complete Banking Solution[R], cView[TM], interactive voice response, 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. and the financial accounting suite. "We were in need of a system that would compliment our existing Open Solutions 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 platform," said Michael Tenaglia, 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. of Clinton Savings Bank. "We were pleased with our core platform, and it was only logical to consult Open Solutions again to ensure a seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. between the two systems. Clinton Savings has a great relationship with the company, and we were comfortable expanding that relationship into payments." Open Solutions' image-enabled item processing system drives a wide range of check-processing transports and streamlines a financial institution's operations. In addition, the solution optimizes workflow, enhances business flexibility and generates fee income. Key benefits include improved funds availability, faster client service and greater abilities for institutions to retain more accounts and save on monthly mailing costs. "Open Solutions provides customized imaging solutions that help financial institutions achieve greater efficiency, profitability and competitiveness," said Tim Clewley, senior vice president and general manager, Imaged Payment Technologies Group. "Banks can implement solutions to provide the most cost efficient clearing path, provide unlimited access to image archives, combat fraud or increase fee income. Additionally, these solutions can be implemented, adjusted or added based on the individual institution's timeline. Whatever the objective, Open Solutions has a solution that ensures the highest level of operational success." Louis Hernandez, Jr., Open Solutions' 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. , said, "Open Solutions understands the challenges community banks face today. Based on our technology's track record, the American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and (ABA), through its subsidiary the Corporation for American Banking (CAB), exclusively endorses our imaged-based item processing system, ISCheck, as the recommended imaging solution for community banks. At Open Solutions, we are committed to providing institutions like Clinton Savings Bank with exceptional service and support, including professional programs and services designed to help maximize the benefits of our technologically advanced imaging solution." About Open Solutions Inc. Open Solutions Inc. offers a fully-featured strategic information management 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 and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and 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 in the United States, Canada and internationally 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 lines, 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. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2008. Open Solutions Inc. All rights reserved. Editor's 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. |
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