Glastonbury, Connecticut – (The Hosting News) – September 5, 2006 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., and national financial consulting firm, Ceto and Associates, have formed a strategic partnership, whereby Open Solutions will offer Ceto’s programs to its more than 4,500 clients throughout North America.
Douglas Ceto, Executive Vice President of Ceto and Associates commented, ”More than 1,000 financial institutions nationwide have currently implemented Ceto’s Deposit Reclassification program. In today’s environment, it is important to provide financial institutions with products that will help them remain competitive. The opportunity to further our reach through a strategic partnership with a leading industry provider such as Open Solutions is exciting.”
According to the company, deposit reclassification enables financial institutions to restructure transaction accounts, thereby, converting non-interest earning reserve requirements into interest earning assets. The process increases pre-tax profits by an average of $1 million. Ceto Cash Calculator (C3), a web-based branch tool that enables financial institutions to better manage vault cash, especially in a low-reserve environment, is another valuable program in today’s high-interest marketplace. When combined with Deposit Reclassification, C3 helps branch managers keep vault cash at an optimal level and increase revenues.
Michael D. Nicastro, Chief Marketing Officer Senior Vice President of Open Solutions added, ”Open Solutions’ is pleased to offer our clients a recognized and established revenue enhancement program. At Open Solutions, we continually seek value-added partnerships that will further enable our clients to manage their business more efficiently and effectively. We believe our clients can benefit from Ceto’s programs by identifying multiple ways to increase revenue and cash flow without cutting costs; they are easy, self funding programs that can increase an institution’s competitive posture in the marketplace.”
Ceto’s Referral program has accounted for more than 40 percent of its client base since it was founded in 1994. CheckMate, an overdraft protection program, and Ceto’s Revenue Enhancement Program (REP), a service that identifies opportunities to increase revenue across all areas of a financial institution, will also be offered to Open Solutions’ clients.
Mr. Ceto continued, ”We thrive on our dependable reputation and the referrals we receive from trusted industry partners. Providing financial services in today’s business environment is very competitive and we look forward to working with Open Solutions, its clients and future clients to provide financially focused programs to help them operate more productively.”
Founded in 1994 as a national consulting firm in the financial industry and headquartered in Atlanta, Ceto and Associates specializes in developing solutions to provide financial institutions the ability to increase profitability through the implementation of revenue enhancement programs. Ceto and Associates service more than 1,000 financial institutions across 50 states.
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 about Ceto and Associates, please visit: www.ceto.com.
For more information about Open Solutions, please visit: www.opensolutions.com.