Glastonbury, Connecticut – (The Hosting News) – June 8, 2006 – Integrated enabling financial technologies firm, Open Solutions Inc., has expanded its product line to include Health Savings Accounts (HSAs), Corporate Money Management Accounts (CMMAs), and Customer Asset Accounts (CAAs), as a result of acquiring the Information Services Group of New Jersey-based The BISYS Group, Inc.
Mike Nicastro, SVP and Chief Marketing Officer of Open Solutions commented, ”Open Solutions focuses on providing superior technology and exceptional service solutions to our clients. Our strategy has always been to offer products and services our clients need and options they can add quickly and efficiently to their platform. Consistently, the result has been a positive and immediate impact on growth and diversity of revenue streams.”
As Consumer-Driven Health Plans (CDHPs) gain momentum among employers and consumers as cost-effective alternatives to traditional health strategies, HSAs paired with High Deductible Health Plans (HDHPs) continue to increase. HSAs are quickly being adopted much like previous benefits innovations such as Flexible Spending Accounts (FSAs), HMOs and 401(k)s.
Open Solutions provides clients in the marketplace with a business process outsourced HSA solution offering education and marketing, investment and payer and multi-purse integration. Open Solutions’ HSA product also offers transaction processing, recordkeeping, call center and regulatory support.
The CMMA program features account processing, back-office services and customer care. As an alternative funding source, a CMMA allows investors to raise capital through investments in corporations. Those corporations then issue corporate debt as insurance for the funding, which typically yields a higher interest rate. Open Solutions’ CMMA program was designed so corporations could raise capital while building brand loyalty and extending into new market segments. Open Solutions supports 150,000 CMMAs totaling more than $7 billion in assets.
Louis Hernandez, Jr., Chairman and CEO of Open Solutions commented, ”With the integration of these three proven solutions into our expanding product mix, we believe we are poised to provide an even broader offering to the various financial services markets we serve. Our innovative technological approach and financial services expertise has laid the foundation to provide these additional markets with a strong list of new solutions and top of market products and services. These expanded offerings, combined with Open Solutions’ extensive suite of products and services, further emphasizes our commitment to providing clients with the broadest range of tools to help them better compete and serve their markets.”
Open Solutions Inc. offers a 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 provides services to banks, thrifts and credit unions in the United States and Canada.
To learn more, please visit: www.opensolutions.com.