Glastonbury, Connecticut – (The Hosting News) – June 23, 2006 – Integrated enabling financial technologies firm, Open Solutions Inc., reported that Rhode Island’s largest independent bank, The Washington Trust Company, has chosen to use its ISCheck, an image-based item processing solution. Washington Trust is one of the first financial institutions in Rhode Island to utilize Check 21 services. The Washington Trust Company also uses Open Solutions’ data processing platform, The Complete Banking Solution and the cView relationship management tool.
David Jardin, Vice President of Retail Support Services at ISCheck commented, ”ISCheck is a dependable, cost-effective item processing solution that provides an excellent platform for future growth and supports our item processing plans. It is a complete Check 21 solution that offers a fully-featured product suite, enabling us to meet the challenges and opportunities of today’s payment systems environment.”
ISCheck was developed to provide a comprehensive image-based item processing solution, and is designed to allow financial institutions to customize and add features such as image exchange, branch capture, remote deposit, document imaging and image lockbox. ISCheck can be implemented as an in-house operation or outsourced through one of Open Solutions’ regional item processing centers. Open Solutions also offers a blended solution for institutions that need to outsource only certain functions.
Mr. Jardin continued, ”Washington Trust has been actively participating in the FedForward and FedReturn programs since January of this year. Each institution’s Check 21 strategy is unique to its specific needs and market. Given our market and proximity to the Federal Reserve (First District, Boston), geographic considerations were not as important as the overall operational efficiencies and cost effectiveness that a migration to FedForward and FedReturn processing provides. Embracing technology to streamline operations has a direct, positive impact on how we serve our customers and the products we can provide.”
Louis Hernandez, Jr., Chairman and CEO of Open Solutions added, ”When Check 21 legislation cleared in October 2003, financial institutions had only one year to develop an imaging strategy. Open Solutions has been at the forefront of developing and implementing cost effective Check 21 solutions, and we are pleased to see that so many institutions are exploring and realizing the benefits and cost reductions presented by today’s technology in the post-Check 21 environment. Open Solutions understands these needs and has created customized solutions to provide the most cost effective clearing paths, unlimited access to image archives and fraud detection. Open Solutions is dedicated to providing the technology and service our clients need to process transactions efficiently in this era rendered by Check 21.”
The Washington Trust Company, a subsidiary of Washington Trust Bancorp, Inc., is a $2.4 billion bank headquartered in Westerly, R.I. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including personal banking, business banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation’s common stock trades on The NASDAQ Stock Market under the symbol WASH.
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 about Washington Trust Company, please visit: www.washtrust.com.
For more information about Open Solutions, please visit: www.opensolutions.com.