B.C.-based Columbia Valley Credit Union Selects Open Solutions' Core Data Processing Technology. Check it out:
GLASTONBURY, Conn. --(Business Wire)-- Golden, B.C., Canada-based Columbia Valley Credit Union has selected Open Solutions Inc.'s(R) (NASDAQ: OPEN) core enterprise platform, The Complete Credit Union Solution(R), to meet its data processing and member service needs. Open Solutions is a provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets.
A long-time client of Open Solutions Canada, Columbia Valley Credit Union prides itself on "making a difference" in the community where it serves more than 5,000 members and manages more than $114 million (CAD) in assets. In its 20-year relationship with Open Solutions Canada, the credit union has frequently stepped up as an "early adopter" of Open Solutions Canada's technology. Over the years, it has been the first financial institution in Golden to offer ATM services, phone and Internet banking and imaged member statements. Earlier this year, Columbia Valley became the first of Open Solutions' Canadian financial institution clients to connect to the newest version of Open Solutions Canada's POSH switch.
Paul Pupo, Columbia Valley's general manager, said, "We are very pleased to continue the business relationship between our two organizations and look forward to a bright future with Open Solutions Canada as our technology partner. In the 20 years since we became a client, Open Solutions Canada has consistently provided us with the expertise, the tools, products and latest technology to allow us to differentiate ourselves from the competition and add value to our members. Operationally, our credit union is a technology-driven organization and we are excited to have access to the people and wide array of technology products Open Solutions Canada offers. Our credit union's business strategy is simple: to operate efficiently, provide good service and give our employees the right technology tools to help them excel in their positions. We believe Open Solutions' core technology will help us to execute on this strategy and are looking forward to our migration to the new system."
Built on a single, centralized Oracle(R) relational database, The Complete Credit Union Solution's open architecture and member-centric platform is designed to help credit unions streamline both front and back office applications with a focus on improving member service.
"We are pleased Columbia Valley Credit Union has chosen The Complete Credit Union Solution as the technology platform to enable its continued growth and success," says Blair Goulet, president of Open Solutions Canada. "As the third credit union in British Columbia to announce its decision to migrate to our core data processing solution, Columbia Valley has once again demonstrated technology leadership in the interests of serving the unique needs of its members and community more effectively. This underscores our belief that any financial institution, regardless of size or geographic location, can take advantage of the flexibility inherent in Open Solutions' core technology to support its business strategies. Open Solutions Canada welcomes this opportunity to continue our long-standing business relationship with Columbia Valley Credit Union as its trusted technology partner."
Open Solutions Chairman and CEO, Louis Hernandez, Jr., says: "In the nearly two years since Open Solutions entered the Canadian market, we have seen an increasing interest from the country's credit union market in our proven, advanced, open technology. Today, nearly one third of Canada's credit unions, spanning four provinces, are committed to Open Solutions' core enterprise solution and we are pleased to welcome Columbia Valley Credit Union to that group. We believe credit unions play a key role in the financial services industry and we are dedicated to providing institutions such as Columbia Valley with the technology tools they need to help them 'make a difference' in the community they serve."
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, 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 [email protected] 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. and The Complete Credit Union Solution are registered trademarks 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, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. 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 under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended June 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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