Co-op Services Credit Union Selects Open Solutions for In-house Data Processing.Open Architecture, Flexibility and Member-Centric Platform Key Factors in Decision GLASTONBURY, Conn. -- Livonia, Mich.-based Co-op Services Credit Union has selected Open Solutions Inc.'s[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) member-centric core enterprise platform, The Complete Credit Union Solution[R], and other complementary applications to address its 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 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 other international markets. The credit union has approximately $280 million in assets, 45,000 members and six locations. "We took the opportunity to evaluate what our credit union really needed in a core operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , both for now and into the future," said Tony Carnarvon, 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 Co-op Services Credit Union. "To get to the next level, we needed an open architecture system that was flexible and would help us gain operational efficiencies across the credit union. Our team selected Open Solutions after a process of extensive research on a range of data processing solutions. We believe The Complete Credit Union Solution will allow us to provide our members with the innovative products and services they want and need." The Complete Credit Union Solution is a relational, enterprise-wide core data processing platform designed specifically for credit unions. Built on a single, centralized 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. , it is an open architecture application that integrates core data processing with member-centric applications such as Internet banking, member business services, business intelligence, financial accounting, imaging and interactive voice response solutions. Carnarvon continued, "We wanted a system that was designed around the member and not an account number. Open Solutions uses a relationship-based approach that brings the entire member account relationship together in one view. With Open Solutions' relationship management capabilities, we will be better suited to inform our members of products that meet their financial needs so we can increase and strengthen existing relationships. This is a priority because our members are very important to us." In addition to The Complete Credit Union Solution, Co-op Services Credit Union will also implement Open Solutions' e-Commerce Banker[TM] (Internet banking and cash management); Financial Accounting Suite (general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. , accounts payable and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → ); and cView[TM] (relationship management/business intelligence) applications. "Over the past few years, we've seen Open Solutions' commitment to the credit union industry continue to grow," Carnarvon continued. "Our expectations are high and I am confident we've selected the right technology partner. Open Solutions' philosophies and long-term strategic vision are aligned with ours, and I believe our organizations will grow together." Open Solutions Chairman and CEO Louis Hernandez, Jr., said, "Open Solutions is dedicated to continually providing our clients with the types of enabling solutions that improve the level of service they can offer their members. We have designed our technology offerings and solutions to make it easier for credit unions like Co-op Services Credit Union to offer personalized products and real-time financial solutions to their members. I am pleased they have selected Open Solutions for what we believe are the many advantages that our industry-focused solutions can give them in today's competitive marketplace." 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, 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 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. 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 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 2007 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 are dependent on the banking and credit union industry, and changes within that industry could reduce demand for our products and services. 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 in Part II, Item 1A. "Risk Factors," of Open Solutions' Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the three months ended September 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. |
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