Glastonbury, Connecticut – (The Hosting News) – September 21, 2006 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has reported that since January 2006, 32 credit unions have implemented, or are in the process of implementing, a traditional version of its enterprise-wide data processing platform, The Complete Credit Union Solution (TCCUS) – Standard Market Edition (sme).
Richard Verhaaren, Vice President and Group General Manager at Open Solutions, TCCUS-sme remarked, ”We are offering the best of both worlds. Our smaller clients wanted a ‘scaled-down’ version of our industry-proven core data processing platform, TCCUS. They wanted the functionality of our open, relational architecture but without all the business functionality. When the time is right, TCCUS-sme can grow with these smaller credit unions and they can evolve into the high-end featured version of TCCUS.”
TCCUS was created with an eye toward open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It provides credit unions with a fully featured strategic product platform, integrating core data processing with member-centric applications such as Internet banking, business intelligence reporting, financial accounting, credit card processing, automated loan decisioning, imaging, and interactive voice response solutions. TCCUS-sme is designed so that credit unions can select either the in-house or outsourced processing option to support its initiatives.
Dave Gable, CEO of Toledo Fire Fighters FCU commented, ”In order for us to offer the types of services our members have come to expect – both now and in the future – our decision to partner with Open Solutions and implement the TCCUS-sme system was the most logical choice for us. We look forward to having the tools necessary to not only better market to our growing membership, but also to enhance our online presence with an upgraded home banking product.” Toledo, Ohio-based Toledo Fire Fighters FCU, with approximately $23 million in assets and 2,700 members, has been serving local firefighters and their families for more than 65 years.
Troy Levings, CFO and SVP of Toledo Fire Fighters FCU offered, ”We believe that Open Solutions’ entire relational system offering is easy to use. TCCUS-sme will be easier to deploy and maintain throughout our credit union because of its open architecture-based environment. TCCUS-sme transaction accounting is powerful, stable and uncomplicated and the systems’ loan origination workflow streamlines processes for the lending staff and reduces errors. The systems’ member service functions are intuitive and easy to learn even for inexperienced personnel. We are excited about they ways in which we will be able to use the system to better serve needs of our membership.”
Louis Hernandez, Jr., Chairman and CEO of Open Solutions added, ”We saw a need in the marketplace for a ‘right-sized’ version of our core data processing platform. Credit unions of all sizes can benefit from The Complete Credit Union Solution. We have found that smaller credit unions liked our open, relational data processing platform and the capabilities it offered them. What was daunting to them was the added functionality that they didn’t require at this moment in their growth cycle. TCCUS-sme gives them the opportunity to take advantage of our underlying open data model along with the basic features and functionalities they require today to meet their member’s needs. As these smaller institutions grow, I believe we’ll be right there alongside them and be able to provide the technology and member support they need to succeed.”
Open Solutions is a provider of integrated enabling technologies for financial services providers across the United States, Canada and international markets. The credit union, which has 17 branches and more than 280,000 members, serves employees of Eastman Kodak Company, Wegmans Food Markets and other companies in the Rochester, N.Y. area. Open Solutions Inc. offers a product platform designed to integrate core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and provides services to banks, thrifts and credit unions in the United States and Canada.
To learn more, please visit: www.opensolutions.com.