Glastonbury, Connecticut – (The Hosting News) – August 29, 2006 – Web host and integrated enabling financial technologies firm, Open Solutions Inc., has been selected by ESL Federal Credit Union, with $2.8 billion in assets, to provide its relational core platform, The Complete Credit Union Solution, and other applications to handle its enterprise-wide data processing needs.
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.
The credit union was looking to upgrade its current technology platform in order to more efficiently develop and deploy new products and services and to better accommodate the needs of its growing membership. Mike Armbruster, Senior Vice President and CIO of ESL Federal Credit Union explained, ”We’ve been on the same data processing platform for more than 10 years and saw gaps in the products and services we could offer our members. We were looking for a more modern, open architecture platform that we could easily customize and grow into. We did not want just another legacy-based system that would not be able to grow with us. We wanted a system that would allow us to meet our long-term strategic and competitive objectives.”
Mr. Armbruster continued, ”Ultimately, we selected Open Solutions because it has significant market share in the credit union industry and was the only vendor we found with a completely open and relational architecture. We are very focused on providing high quality products and services to our members. We have confidence that partnering with Open Solutions will help us meet our goals as our membership grows and we continue to add new products and services.”
Open Solutions’ technology suite was architecturally designed to be an open environment application, creating the flexibility necessary for running an agile, service-oriented institution. The product suite delivers real-time core data processing, account creation flexibility, business functionality and embedded business intelligence capabilities to offer efficiencies for both the front and back offices. In addition to The Complete Credit Union Solution, ESL Federal Credit Union will also be implementing Open Solutions’ cView (relationship management/business intelligence tool); document management; Financial Accounting Suite (general ledger, accounts payable and fixed assets); and integration management applications.
Louis Hernandez, Jr., Chairman and CEO of Open Solutions added, ”We are pleased that another industry-leading credit union such as ESL Federal Credit Union has chosen Open Solutions to handle their ongoing technology and data processing operations. We believe in offering financial services-centered solutions and an open technology platform that can adapt quickly to new market strategies and the data processing needs of credit unions of all sizes. In the case of ESL, they are yet another billion dollar institution that has made the decision that Open Solutions’ open-based relational technology will help them stay ahead of the competition and enable them to raise the level of service that they can provide to their marketplace. We look forward to a long, mutually beneficial partnership and to helping support ESL Federal in their efforts to innovate and continually satisfy the needs of their membership.”
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.