Co-op Services Credit Union Selects Open Solutions for In-house Data Processing

January 5, 2007; 12:32 AM
Livonia, Mich.-based Co-op Services Credit Union has selected Open Solutions Inc.’s® (NASDAQ:OPEN) member-centric core enterprise platform, The Complete Credit Union Solution®, and other complementary applications to address its data processing needs. Open Solutions is a provider of integrated enabling technologies for financial service providers across the United States, 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, both for now and into the future,” said Tony Carnarvon, CEO 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, 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™ (Internet banking and cash management); Financial Accounting Suite (general ledger, accounts payable and fixed assets); and cView™ (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. (www.opensolutions.com) 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 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, 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.