Dean Bank Selects Electronic Image and Item Processing From Open Solutions; Flexible Enterprise Platform Offers Seamless Path to Image Exchange.GLASTONBURY, Conn. -- Nine years ago, when Dean Bank in Franklin, MA was looking to make the jump to Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 , it chose Open Solutions Inc.'s (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) The Complete Banking Solution (R) (TCBS TCBS Tea Club and Barrovian Society (from Tolkien novel) TCBS The Bear Creek School TCBS Trunked Common Base Station ), a relational 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 platform, to address its enterprise-wide data processing needs. The bank recently upgraded its platform suite with Open Solutions' item processing and remote branch capture applications. Open Solutions is a provider of integrated relational technologies for banks and credit unions 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. and Canada. "We are a long-standing Open Solutions client," said Kevin Goffe, chief financial officer of Dean Bank. "Our IT staff and our board have ongoing discussions about being electronically driven. This was the next logical step for us," he said. "The industry is experiencing a thoughtful, yet aggressive move toward image exchange and the distributed capture of check images. Dean Bank saw the Check 21 legislation and Open Solutions' superior technology applications as opportunities to take a proactive approach to image-enabled processing." 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. Goffe, the $200 million in assets and five-branch institution chose Open Solutions' imaging suite to streamline its operations and enhance customer responsiveness with frontline staff. In the Open Solutions' model, reader-sorters in conjunction with Courtesy Amount Recognition and Legal Amount Recognition (CAR/LAR) technology eliminate as much as 80 percent of the entry keying, and together with remote branch capture, centralizes a bank's electronic image repository. Secure, Web-based research is virtually instantaneous across the network. Reduced postage costs and operational expenses combined with the profit potential from image statements (CD/DVD/Email), Lockbox Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. and check fraud protection make the Open Solutions' imaging application a powerful tool and revenue generator. The item processing suite is optimized by the bank's in-house, enterprise data processing suite, The Complete Banking Solution. "A side benefit to using Open Solutions' imaging suite was the virtual elimination of deferred collection of our deposited items with the Fed," said Goffe. "Being in the Boston Fed District we've been accustomed to fast collection of our deposited items. Since switching to Open Solutions' imaging suite and Full Fed-Forward we've reduced our average deferred collections from 7 percent to less than 0.5 percent. Faster collection should lead to lowering our fraud losses, an ever growing concern." "We continue to be impressed by the 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. structure and open architecture that is the backbone of The Complete Banking Solution," said Goffe. "It was an incredibly powerful and open platform eight years ago and is still the most innovative we've seen to date. Its fully-integrated system can increase efficiencies in day-to-day operations, improve management reporting, and enable our staff to focus on customer relations through automation and business intelligence." "As Dean Bank is evolving and growing they're finding, like many other financial institutions, that Open Solutions is not only the answer to their enterprise platform needs, but to their line of business and delivery systems needs, as well," said 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. Louis Hernandez, Jr. "Our open platform merges flexibility and adaptability with mission critical best in class solutions for retail and commercial banking. Dean Bank's experience with Open Solutions technology is a testament that a technology strategy is built upon an impeccable enterprise platform. We believe Open Solutions' technology platform provides our clients an open foundation to better address business and banking strategies. We are pleased that we've been able to serve the growing and changing needs of Dean Bank as they continue to address customer and staff needs," he said. 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 cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response 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 and credit unions in the United States and Canada to better compete in today's aggressive 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. 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 Banking Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2005 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 Sept. 30, 2005, as filed with the Securities and Exchange Commission. |
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