FOR IMMEDIATE RELEASE

Contact:  Marvin (Mickey) Goldwasser
Open Solutions Inc.
860.652.3153
mgoldwasser@opensolutions.com

Bank of China USA Selects Open Solutions’ Imaged-Based Item Processing

- $7 billion U.S. division to improve processing operations for NYC and LA branches -

 

GLASTONBURY, Conn., Oct. 14, 2008 – Bank of China USA (BoC USA) announced it has selected Open Solutions Inc. ® for its outsourced imaged-based item processing needs.  Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and internationally.

            Established in 1912, Bank of China is the oldest bank in China. Additionally, the bank is one of the big-four, state-owned banks , a public company listed on the Hong Kong and Shanghai exchanges and has more than 11,000 branches in China, as well as 26 in overseas countries, with total assets of USD855 billion. In terms of tier one capital, Bank of China was ranked ninth among the world’s top 1,000 banks by The Banker magazine in 2007.

With locations in New York City and Los Angeles, Bank of China’s USA branches have more than $7 billion in assets and 20,000 accounts. Its two NYC branches are full-service, providing retail banking, international trade settlement, commercial and real estate loans and syndication loans. The two NYC branches are also ranked 11th  for USD clearing volumes. The Los Angeles branch specializes in wholesale business to commercial customers.

“The Federal Reserve’s plans to consolidate check processing sites made it necessary for us to move away from a paper-based system and deploy an imaging solution to automate our check processing,” said Xiao Wang, assistant general manager, Bank of China USA. “We wanted a leading-edge item processing partner for our processing needs, and Open Solutions and its outsourced item processing solution were the best choice to complement our efforts.”

Open Solutions’ image-enabled item processing system drives a wide range of check-processing transports and streamlines a financial institution’s operations, optimizes workflow, enhances business flexibility and generates fee income. The system provides for improved funds availability, offers faster client service, helps institutions retain more accounts and saves on monthly mailing costs. 

“According to recent industry research, by 2011, the Federal Reserve plans to have only four regional processing sites available to provide a full range of paper check processing. To remain competitive, institutions are looking for cost-efficient solutions to assist them in processing their paper check items,” said Louis Hernandez, Jr., Open Solutions’ chairman and CEO. “Open Solutions realizes the importance of having an industry-focused solution that helps institutions like Bank of China USA remain competitive during these ever changing times, and our goal is to help our clients achieve the highest level of operational success using our image-based processing products and services.“

 

About Open Solutions Inc.

Open Solutions Inc. offers a fully featured strategic 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, digital documents, Check 21, interactive voice response, technology services, wealth management, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the worldwide 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.

For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860-652-3156. Visit Open Solutions’ Internet site at www.opensolutions.com.

Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2008 Open Solutions Inc. All rights reserved.

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Editor’s Note:  The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.

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Copyright ©2008 Open Solutions Inc. All rights reserved.