Account Flexibility, Reporting Capabilities and Open Architecture Influence Decision GLASTONBURY, Conn., June 23, 2003 - Seattle-based Verity Credit Union has chosen Open Solutions Inc. (OSI), a provider of integrated enabling technologies for community financial institutions, and its credit union enterprise software solution, The Complete Credit Union Solution* (TCCUS), to handle all of the institution's transaction and integration processes. Verity has also selected Open Solutions' comprehensive Internet banking and cash management solution, e-Commerce Banker(tm) to provide Internet-based financial services to its membership.
Verity Credit Union, with more than 25,000 members and $275 million in assets, sought Open Solutions after expanding upon its charter to become a community credit union for the Seattle-Everett, Washington area. Formerly called NW Credit Union, Verity's management wanted a core processing and Internet solution that would offer more holistic information about its members. In addition, Verity will use financial accounting products from Open Solutions' strategic business unit fti/Financial Technologies for general ledger and accounts payable. The result is a comprehensive and integrated relational core data, Internet and transaction processing solution that will provide real-time member information across all delivery channels.
"We wanted more innovative ways of designing and pricing new products," said John Zmolek, executive vice president at Verity. "We continued to run into road blocks when trying to enhance our relationship pricing for signature accounts or monitor direct deposit schedules. The definitive benefit to our operations is the system's ability to integrate each core offering to members-lending, deposits and investments. We see each member's entire relationship with the credit union in one view, and that separates our system and our service levels from the rest of the industry." According to Verity, the credit union's management team carefully reviewed at least six other core processing solutions. They, as well, conducted a thorough evaluation of e-commerce solutions before selecting Open Solutions. Verity is also adding a loan origination system for consumer loans and is outsourcing both its credit card and bill pay operations.
"Open architecture technology is the key to responding to changing markets and strategy shifts," said Louis Hernandez, Jr., CEO and Chairman of Open Solutions. "Verity is aggressively expanding its prospective member pool, and they are doing so in a very strategic and effective way using relational, open systems technology and an ingenious marketing campaign. The Complete Credit Union Solution was created to integrate data from any source or solution and combined with our financial accounting suite enables credit unions, such as Verity, to forge even closer member relationships. In addition, e-Commerce Banker provides a secure, scalable and convenient Internet retail and small business banking environment. Our team feels our partnership with Verity Credit Union will be a case study in best practices for product enhancement, superior service and member data access." According to Open Solutions product managers, TCCUS was architecturally designed to be an open environment application, creating the flexibility necessary for running an agile, service-oriented institution. The system delivers real-time core processing, total account creation flexibility and embedded business intelligence capabilities.
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, cash management, electronic commerce, CRM/business intelligence, financial accounting tools, imaging and loan origination 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 mgoldwasser@opensolutions.com. Visit OSI's Internet site at www.opensolutions.com.
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