Constitution State Corporate Credit Union Selects Open Solutions for In-House Processing.

Business Editors

GLASTONBURY, Conn.--(BUSINESS WIRE)--Jun 13, 2002

Architecture, Flexibility, Ease-of-Use and Real-time Processing 

Key to the Decision

Open Solutions Inc. (OSI), a provider of integrated enabling technologies including enterprise core data processing, financial accounting, Internet-based financial solutions, imaging and other delivery systems for community banks, savings institutions and credit unions, announced that Constitution State Corporate Credit Union (Constitution), of Wallingford, Conn., selected The Complete Credit Union Solution(R) (TCCUS) to handle all of the institution's transactions and integration processes.

With over $1 billion in assets, Constitution is a corporate credit union providing wholesale financial services to other credit unions. The credit union will be using the TCCUS core-processing platform to provide services to their many member credit unions located throughout the country. Open Solutions and Constitution expect to complete installation the first quarter of next year.

David Addison, President and CEO of Constitution State, said, "After completing an extensive due diligence process, Open Solutions was the obvious choice for us. From a technology standpoint, the database model built to support OSI's innovative take on reports and transactions was extremely open and powerful. It will allow Constitution to link information in a multiplicity of ways that will offer a more complete picture of our performance, member institution profitability and relationships."

TCCUS seamlessly delivers real-time core processing, relationship-based pricing, and embedded CRM capabilities. Louis Hernandez, Jr., Open Solutions Chairman and CEO, said, "Our first priority at Open Solutions is to provide our clients with enabling systems that improve the level of service they can give their members. In the unique case of Constitution, each of those members is another credit union. The Complete Credit Union Solution was designed with an open relational architecture and the flexibility to better serve institutions like Constitution, and therefore the other credit unions that depend upon it. Adding Constitution to the ever-growing list of world-class financial institutions using OSI solutions is very exciting; we look forward to a long partnership with them."

About Open Solutions

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, financial accounting, cash management, electronic commerce and lending management 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 at 860.652.3153, via fax at 860.652.3156, or email [e-mail]. Visit OSI's Internet site at www.opensolutions.com.