Infolink Services Ltd. Implements Open Solutions Canada's POSH ATM Switch.
GLASTONBURY, Conn. -- Open Solutions Inc.[R] (NASDAQ:OPEN), announced that Infolink Services Ltd. (ISL) implemented Open Solutions Canada's POSH switch, a secure switching solution for processing ATM and Point of Sale (POS) transactions. ISL is joint venture corporation equally owned by four major commercial banks in Trinidad and Tobago. It functions as a private clearinghouse and was established to enable these financial institutions to enhance their self-service banking products through the implementation of financial transaction switching technology. The technology will help the four institutions efficiently process, settle and reconcile electronic funds transfers (EFT). Open Solutions is a provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets.
"We installed POSH back-end this year, which will drive the ATMs we've introduced to the Caribbean market," said Helen Llanos, assistant general manager of ISL. "POSH will help us exceed the growing market demand for self-service transactions and allow us to help our member banks to stand out amongst other financial institutions in Trinidad and Tobago. It was important for us to have an efficient, reliable and easily maintainable ATM switching solution, and I am confident we've found these needs in POSH."
POSH provides dependable operation of complex transaction processing through a fully-integrated, end-to-end product suite with the entire range of services needed to complete the transaction lifecycle. POSH ensures a transaction is delivered successfully to the issuer or network with full compliance, meeting all security standards. It provides real-time authorization and, through its stand-in processing module, is designed to provide availability during both planned and unscheduled downtime. The solution also features encryption technology that protects the confidential nature of transaction data and uses firewalls and SSL to further ensure the security of that data.
"We are looking at developing a full payment gateway to connect other financial institutions and credit unions to our switch as well as execute other forms of payments," said Llanos. "Currently, we process approximately 1.3 million transactions per month. POSH will allow ISL to offer a wider variety of products to our customers - which will translate to more transactions and certainly more stability. Another great thing about POSH is the ability to connect with other financial institutions without heavy additional expenses. We hope to help them afford more efficiency by connecting with the POSH switch."
Open Solutions' POSHnet Processing Centre drives Canada's largest ATM network and a large and growing POS environment. POSHnet can be implemented as a regional, national and/or international processing and switching center.
POSH supports multiple currencies, making it adaptable and available for worldwide use for institutions of all sizes. It also supports more than 50 types of ATMs (including dial-up and state table-driven) and a wide variety of POS devices and communications protocols. Additional ATMs or POS terminals can be added with no downtime.
"Open Solutions' technical expertise is outstanding," said Llanos. "We receive immediate assistance 24/7 - whenever we need it. I continue to be impressed with the professionalism that comes from the Open Solutions Canada team and I'm looking forward to a long partnership."
"Open Solutions has successfully developed the largest white label ATM and POS payment switch in Canada, and we can replicate it through establishing processing centers anywhere in the world," said Blair Goulet, president of Open Solutions Canada. "Open Solutions has a long history of serving international markets - since 1990 - and we believe there are strong growth opportunities in emerging markets. Currently, our POSH software runs the national switches in Caribbean countries such as Trinidad and Tobago, Jamaica and Barbados. We are pleased to be the switching software solution of Infolink Services Ltd."
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[R] 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 and design, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada 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 by email at firstname.lastname@example.org 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 2006 Open Solutions Inc. All rights reserved.
Safe Harbor 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 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 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 to refer to the company.
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|Date:||Nov 28, 2006|
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