Glastonbury, Connecticut – (The Hosting News) – April 3, 2007 – Web host and integrated enabling financial technologies firm, Open Solutions, has entered into a seven-year agreement, with Ontario-based Community First Credit Union, for the Canadian version of the companyâ€™s enterprise relational data processing platform.
The Complete Credit Union Solution, and other complementary technologies, will be utilized to handle the credit unionâ€™s processing needs. Community First Credit Union is based in Sault St. Marie, Ontario and serves more than 15,000 members.
Established in 1948, Community First Credit Union has branches in the communities of Sault St. Marie and Timmins, and provides financial services to members throughout the province of Ontario, primarily in the Northern Ontario area.
Greg Peres, CEO of Community First Credit Union explained, â€œA main focus of our credit union is to improve our membersâ€™ well being by understanding and responding to their financial priorities and needs, and technology plays a key role in this endeavour. We needed an advanced, flexible core solution that would allow our employees to quickly and effectively respond to the ever-growing needs of our members and to manage an increasingly complex suite of products and services. More importantly, we were looking for a strong, capable organization to act as a strategic technology â€˜partnerâ€™ to our credit union, allowing us to focus on our core competencies as a financial services provider. Our long term agreement underscores our belief that we have found our strategic vendor-partner in Open Solutions Canada.â€
Peres continued, â€œWe carefully reviewed banking system options and believe Open Solutionsâ€™ commitment to Canadian credit unions, coupled with the advanced technologies and services it offers, will enable our credit union to improve its operational efficiencies while supporting our mission of providing quality financial solutions and unsurpassed service to members of our community.â€
Blair Goulet, President of Open Solutions Canada added, â€œWe are delighted to welcome Community First as the first Ontario credit union to our growing Open Solutions Canada family. Community First is recognized as one of Ontarioâ€™s premier credit unions, known for their member focus, community involvement and service innovation. We are especially proud that Community First views our company as their strategic technology partner and look forward to working with them to help them achieve their business goals. We believe that by selecting Open Solutions Canada and our open, relational technology, Community First is making an investment in its future.â€
Louis Hernandez, Jr., Chairman and CEO of Open Solutions remarked, â€œOur relational data processing system, The Complete Credit Union Solution, was specifically designed to help credit unions better serve their members and streamline operations. We are proud to have been selected by such a leading and visionary credit union as Community First. We will work hard to support their service excellence and business growth goals.â€Â
Mr. Hernandez added,
â€œThe growth of Open Solutionsâ€™ presence in the Canadian credit union market has been exceptional. We now have clients in five Canadian provinces and a significant percentage of the countryâ€™s credit unions are committed to our technology platform. The movement away from legacy systems to more open technologies is clearly gaining momentum and we look forward to providing the marketplace with the next generation in technology.â€
The Canadian version of The Complete Credit Union Solution localized the core banking product for the overall Canadian market with a particular focus in three areas: retirement accounts; loan and mortgage processing; and regulatory requirements. This localized functionality enhances a proven platform that was built around a powerful OracleÂ® relational database. It offers credit unions of all membership sizes the technology tools to succeed in a highly competitive financial services marketplace. In addition to The Complete Credit Union Solution, the credit union will implement Open Solutionsâ€™ cView (CRM/business intelligence) and the financial accounting suite.
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, digital documents, Check 21, interactive voice response, network services, web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
To learn more about Open Solutions, please visit: www.opensolutions.com.