Open Solutions Inc. (NASDAQ: OPEN), announced that Newburgh, Ind.-based Heritage Federal Credit Union and Bettendorf, Iowa-based R.I.A. Federal Credit Union plan 2006 migrations to Open Solutions' enterprise-wide core data processing platform, The Complete Credit Union Solutionr (TCCUS). The credit unions will also implement several other Open Solutions' complementary applications. Open Solutions is a provider of integrated enabling technologies for financial institutions across the United States and Canada.
Heritage FCU was chartered in 1965 as Warrick Employees Federal Credit Union, by employees of ALCOA Warrick Operations in Newburgh, Ind. The financial institution, which is a $288 million credit union with seven branches serving some 30,000 members, received its community charter in 1983 and in 2001 expanded to include Vanderburgh county (Evansville, Ind.) and changed its name to Heritage FCU.
Heritage FCU will outsource Open Solutions' The Complete Credit Union Solution and plans to go live in August. The upcoming implementation also encompasses the Open Solutions' financial accounting suite (including general ledger, accounts payable and fixed assets); mortgage origination and servicing; the safe deposit box leasing system; premium overdraft; the construction module of the commercial loan management system; and cView (CRM/business intelligence).
"In the credit union world, The Complete Credit Union Solution comes with an impressive reputation," said Ron McConnell, CEO and president at Heritage FCU. "Management was excited not only with the core application and the associated technology, but the marketing possibilities that it offers." He also explained he believes that The Complete Credit Union Solution would facilitate the credit union's emphasis on mortgages and the secondary market. "We plan to further expand into the mortgage area. The Complete Credit Union Solution will be able to handle any of our needs in that area." In the future, Heritage plans to use The Complete Credit Union Solution's flexible and open architecture to help the credit union expand into commercial lending and business deposit accounts.
R.I.A. FCU, which originally organized in 1935, today has $185 million in assets, 33,000 members, and soon-to-be nine branches throughout Illinois, Wisconsin and Iowa. The credit union underwent an extensive vendor search before deciding on The Complete Credit Union Solution's architecture, functionality, open technology and Open Solutions' industry strength, business service capabilities and market reputation.
The implementation by R.I.A. FCU to Open Solutions' in-house TCCUS, also includes the selection of Open Solutions' e-Commerce BankerT (Internet banking and cash management); the financial accounting suite (including general ledger, accounts payable and fixed assets); consumer loan management (origination and processing); mortgage management (mortgage origination and servicing); safe deposit box leasing system; premium overdraft; cView (CRM/business intelligence); real-time ATM processing; and electronic image/item processing.
Larry Coverstone, CEO and president of R.I.A., believes The Complete Credit Union Solution is the answer for the credit union because of "the flexibility it brings to the table." He added, "Their technology will let us offer more advanced products and services to our members to better serve them and meet their needs." In addition, R.I.A. is also interested "in the electronic/paperless approach to operating the credit union and Open Solutions data mining capabilities. It will allow us to better target market our membership. One size does not fit all. It is one of our key focuses this year."
Chairman and CEO of Open Solutions, Louis Hernandez, Jr. said, "Open Solutions designed and built its technology based on the objective of offering an array of options and solutions to our client financial institutions. Heritage and R.I.A. were both looking for newer technology - one in-house and the other as an outsourcing option. A value-add of our system is that we have the flexibility to offer our solutions in either environment. As more and more financial institutions see the value of open technology they are choosing Open Solutions. Our highly qualified staff of professionals has developed a first-class implementation process for clients looking to move to our technology. Great implementations are a testament to the hard work and dedication of our staff. We look forward to working closely with Heritage and R.I.A. Federal Credit Unions to assist them in accomplishing their business goals and initiatives."
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 relational database, with Internet banking, cash management, member business services, CRM/business intelligence, financial accounting tools, credit card processing, electronic image/item processing, Check 21, interactive voice response, network services, Web hosting and design services, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the US 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 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.