Glastonbury, Connecticut – (The Hosting News) – May 19, 2006 – Integrated enabling technologies for financial institutions firm, Open Solutions Inc., reports successful transmission of Image Cash Letters to Bank of America Corp. by its Imaged Item Processing Center located in Windsor Locks, Connecticut.
According to the company, Open Solutions is the first outsourced image processor in the Northeast U.S. to offer this service in conjunction with Bank of America. This is a strategic step for the Open Solutions Imaged Payments Technology Group allowing it to offer an alternative to the Federal Reserve by enabling banks to deposit their Image Cash Letters at multiple endpoints.
Kenneth J. Trice, Senior Vice President, U.S. Correspondent Banking Division of Bank of America commented, ”We are pleased that Open Solutions has begun transmitting Image Cash Letters to Bank of America. This further demonstrates our commitment to image, and we look forward to enhancing this process.”
The Windsor Locks facility electronically processes items for banks across the country. It is a completely electronic item processing facility that receives and sends 9.37 ANSI cash letters and returns for more than 20 institutions in the U.S.
Mark Ryan, Vice President and General Manager of the Open Solutions Imaged Payment Technologies Group added, ”’Open Solutions’ existing clients as well as our prospects have been asking that Open Solutions connect to the Bank of America network as an alternative to the Federal Reserve. We listened to our clients’ requests, and this new service will let banks that work with Bank of America minimize their clearing costs and add more value to the relationship.”
In addition to the center in Windsor Locks, Open Solutions also operates regional item processing centers in Murrieta, Calif., El Monte, Calif. and San Leandro, Calif., and they have the capability to electronically process images for all 50 states.
Mr. Ryan added,
”Open Solutions was the first outsourced Check 21-enabled third party vender in the United States to send an Image Cash Letter to the Federal Reserve. We were also the first in District One to receive and process electronic in clearings and returns.”
Open Solutions’ image processing endeavors to provide streamlining of bank operations, optimization of workflow, enhancement of business flexibility and generation of fee income. The Open Solutions image capture system has been in service for more than 15 years and drives a wide range of check-processing transports.
Open Solutions Inc. offers a 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, 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 companies 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.
To learn more, please visit: www.opensolutions.com.