Glastonbury, Connecticut – (The Hosting News) – July 11, 2006 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has signed an agreement with the City of Bridgetown Co-operative Credit Union, Bridgetown, Barbados.
The $109 million credit union, which has 44,000 members and two branches, serves anyone living or working on the island as well as legalized citizens of Barbados. City of Bridgetown Co-operative Credit Union will implement The Complete Credit Union Solution, along with other Open Solutions’ technology applications.
Steve Belle, General Manager of City of Bridgetown Co-operative Credit Union explained, ”Our vision is to be the preferred financial institution in Barbados. We recognize the importance of an open architecture, flexible core data processing platform that will allow us to customize the system and have that system grow with our needs. We have been using our current core platform for the last 10 years and saw major gaps. We felt it was time to review our processes and select a new vendor that could better meet our growth strategy.”
Mr. Belle continued,
”In Barbados, there is an extremely high level of competition in the banking business that is brought from corporate level institutions. There are six commercial banks in Barbados, all of which are large, multinational banks. The only way we can make a difference is to consistently deliver high quality products and services – above what our members would get elsewhere. We identified a vendor selection team that included representatives from all major departments such as lending, operations, finance, accounting, etc. Together, we researched the solutions other credit unions were using and performed an internal analysis to determine the types of services we wanted to offer our members. The evaluation was based on the following criteria: functionality, features and benefits, open architecture, vendor business strengths, conversion and operations support, as well as the cost over a five-year period. After an impressive on-site presentation, capabilities demonstration and a vendor review, we selected Open Solutions. The team felt Open Solutions offered the most complete open technology platform and member service to help us achieve our goals.”
The Complete Credit Union Solution is a relational enterprise-wide data processing platform designed specifically for credit unions. Its goal is to offer a fully featured strategic product platform, integrating core data processing with member-centric applications such as Internet banking, business intelligence, financial accounting, imaging and interactive voice response solutions. Built on a single, centralized Oracle(R) relational database, it is an open architecture application that delivers real-time data processing.
In addition to The Complete Credit Union Solution, the credit union will implement Open Solutions’ e-Statements; e-Sign; the Financial Accounting Suite; Maxxar Touch-tone Interactive Voice Response; and Internet banking applications.
Louis Hernandez, Jr., Chairman and CEO of Open Solutions added, ”The recent growth of the Caribbean banking industry has created a need for major changes in the technology infrastructure that supports the regional financial sector. Open Solutions is pleased to offer our product suite to this market. We believe Open Solutions offers the most advanced functionality and industry-focused technology available and we are looking forward to playing an important role in helping City of Bridgetown Co-operative Credit Union meet there growth and business objectives and have the ability to offer competitive products and services to its members well into the future.”
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.