Open Solutions Inc. – International Solutions

Overview

Open Solutions Canada

Overview

International Contact

“As demand for new systems to replace those built during the 1960s and 1970s increases, many solution providers are rising to the occasion. Their next-generation systems are built on open architecture, enabling easier integration and communication and third-party applications. They utilize modern technologies, often replacing COBOL and mainframes, and are more database-centric, enabling easier access to customer information. These solutions are better aligned with banks’ new customer-centric strategies and they comply with external factors such as Basel II. In addition, they promise greater success than third-party solutions of the past, because they offer flexibility, faster time-to-market, increased cost savings, and real-time banking; they also represent a less risky option for banks scarred by failed replacement attempts in the 1980s and 1990s.”

The Global Vendors of
Core Banking Solutions:
The Heat is On
– Celent Communications

International Solutions

Open Solutions Canada
Open Solutions entered the Canadian marketplace with the acquisition of the former Datawest Solutions (Open Solutions Canada) in 2004 and has shown tremendous progress and acceptance in the Canadian marketplace. In December 2005, Open Solutions Canada announced that Calgary-based Celero Solutions (Celero), a joint venture between five Canadian prairie cooperative organizations that serves more than 150 credit unions in Canada, signed a 10-year licensing rights, reseller and maintenance agreement with Open Solutions for the Canada version of its enterprise relational data processing platform, The Complete Credit Union Solution®. Many of those institutions have already shown interest in implementing our solution.

In January 2006, British-Columbia-based Coastal Community Credit Union signed a five-year licensing and maintenance agreement with the company for the Canadian version The Complete Credit Union Solution and other complementary products. Coastal Community Credit Union is the largest credit union based on Vancouver Island, BC, and one of the largest in Canada, with more than 80,000 members and more than CDN$1 billion in assets.

The largest provider of banking system outsourcing to Canadian credit unions, supplying technology solutions for more than 70 financial institutions serving more than 671,500 members, representing approximately 2.0 million accounts on our database. Open Solutions Canada also provides switching services for automated teller machines (ATMs) and point-of-sale (POS) transactions, as well as licensed software and consulting services for the financial services industry. Open Solutions Canada directly supports more than 8,000 ATMs and 13,000 POS devices and that number is growing daily.

The Canadian version of The Complete Credit Union Solution®, released in November 2005, localized the core banking product for the overall Canadian market with a particular focus on three areas: retirement accounts; loan and mortgage processing; and regulatory requirements. This localized functionality enhances a proven platform that was built around a powerful Oracle® relational database. It offers credit unions of all membership sizes the technology tools to succeed in a highly competitive financial services marketplace. Since the release, the company has seen tremendous interest in the newly-available technology.

Learn more about Open Solutions Canada >>