Corporate credit union seeks flexible system capable of delivering specialized services
Lynchburg, Va. – based VACORP Federal Credit Union (VACORP) recently selected Open Solutions Inc.’sÒThe Complete Credit Union SolutionÒ, a relational core data processing platform for credit unions and banks, to address its enterprise-wide data processing needs. Open Solutions Inc. is a leading provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets.
As a corporate credit union, VACORP serves more than 200 credit unions and has over $1.5 billion in assets.
“Our core processing is applied differently than traditional credit unions, which serve individuals, while we serve credit unions exclusively. We needed technology that used 21st century technology to carry us into the future,” said Jim Hansen, president and CEO of VACORP. “We are moving from a one-size-fits-all approach to providing individually tailored solutions to our member credit unions. We know that Open Solutions’ core processing system can adapt to a variety of specialized service offerings.”
Open Solutions’ previous experience working with a wide variety of financial institutions was another critical deciding factor. “We already have partner financial institutions running the Open Solutions’ system,” explained Hansen. “We are expecting to gain more efficiency and cost savings by leveraging our partner relationships that are using the same system.”
Built on a powerful OracleÒ relational database, The Complete Credit Union Solution’s open architecture and customer-centric platform is designed to help financial institutions streamline both the front and back office applications with a focus on customer service. The Open Solutions core platform offers credit unions and banks a centralized view of its specific relationships with customers, employees and business partners.
“In addition to the specialized offerings we can create, we also anticipate that our member credit unions will be able to do almost all of their business with us via online connectivity,” said Hansen. “We plan to accomplish this by using Open Solutions’ e-Commerce Banker™ product. This product suite is a comprehensive package of web-enabled Internet banking and cash management tools.”
In addition to The Complete Credit Union Solution data processing platform, VACORP will be implementing Open Solutions’ Financial Accounting Suite and the deposit module to further streamline operations and improve the quality of its financial management.
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, “Open Solutions’ main objective is to offer a comprehensive, enterprise-wide data processing solution that allows service institutions like VACORP to offer customizable products and services, deliver outstanding customer service and be competitive in their market. The open architecture of our platform makes it possible to support financial institutions of all sizes, including corporate credit unions. We look forward to helping them meet their goal of providing specialized banking solutions for their institutional members.”
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, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments 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.
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.