Open Solutions Inc.

FOR IMMEDIATE RELEASE

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

QuintEssential Credit Union Selects Open Solutions Inc.’s DNA Platform

-- Canadian credit union cites technology and solid business relationship with partner as key factors --

GLASTONBURY, Conn., Feb. 12, 2009 - Open Solutions Inc.® today announced that QuintEssential Credit Union, based in Belleville, Ontario, has selected Open Solutions’ relational core processing system The Complete Credit Union Solution®: DNA to enable the credit union to move its business forward and better serve its members. Open Solutions is a leading provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets.

QuintEssential is a community-based credit union that has assets of $78 million (CDN) and serves its 8,350 members through two branches located in the scenic Bay of Quinte area on Lake Ontario. The credit union’s name cleverly acknowledges in one succinct word – “QuintEssential” – both its service area and its objective “to be the essential financial institution for our members and our community.”

“Our goal is to become the leading provider of financial services to individuals and small and medium-sized enterprises in our market,” said Ron Harrison, QuintEssential chief executive officer. To that end, the credit union’s recent strategic planning focused on four key areas: financial growth, staff, branding and technology. The system selection process ensued when it became evident its current legacy platform would not support the credit union’s strategic direction in any of the four key areas.

In QuintEssential’s quest for a new system solution, there were two key considerations: the technology and the business relationship with the solution provider.

From the technology perspective, QuintEssential Credit Union was thorough in its research of core processing options. With the incumbent vendor out of the running, the choices were quickly narrowed to two, one of which was Open Solutions. The two prospective providers were put through their paces by a team of 10 QuintEssential employees, led by the credit union’s controller, Carrie Clarke. In addition to viewing the traditional system demos, the QuintEssential team had a hands-on opportunity to test drive both systems and get a real taste of what it would be like to use the applications in their day-to-day work. Team members then completed questionnaires, rating each system on its features, functionality and ease of use.

After a thorough evaluation, the verdict was in: “Overall, we felt that the features and functionality of Open Solutions’ technology were more advanced,” reported Harrison, citing the member-centric, single-CIF structure built on a relational database to allow a holistic view of the member as one of the highlights. “Our employees rated the Open Solutions system very highly, particularly in its ease of use,” he said. “Front-line staff liked the wizards and online help; the smooth flow from one screen to another; and the fact that they could scan an ID, such as a driver’s license, to capture information when setting up an account.”

Evaluation team members said they liked that they could define the drop-down menus with their credit union’s own terminology. They also noted the highly flexible service fee functionality, which gives them the ability to accommodate a range of member account options. “We want to take a more proactive approach towards offering our members innovative products and services, and having the capability to easily create appropriate fee structures will be a big plus,” said Harrison.

From her perspective as the credit union’s controller, evaluation team leader Clarke was impressed with the audit trails and controls available in both The Complete Credit Union Solution and the Financial Accounting Suite, and took special note of the reporting available to track transaction exceptions.

However, it was Open Solutions’ approach to the business relationship with the credit union that sealed the deal. “We had determined from the outset that we would be looking for more than just a core provider – we wanted a technology ‘partner’ who would work with us to help take our business to the next level,” said Harrison. “Throughout the selection process, Open Solutions demonstrated a real understanding of our organization, where we are now and where we’re going in the future. The Open Solutions representatives we dealt with and the ones who delivered the demonstrations and presentations all spoke our Canadian credit union ‘language.’ They really knew and understood our business. On our part, we learned about Open Solutions’ long-term strategy for its technology and what we could look forward to in the future. At the end of this process, we felt we had found our ‘partner.’ We think our relationship with Open Solutions will be a very good fit.”

Harrison also noted that Open Solutions Canada’s tenure and reputation as a leading solutions provider in the Canadian credit union marketplace provided QuintEssential Credit Union with a real sense of security and comfort about entering into a long-term business relationship with the company. “With more than 30 years in the market, a significant financial investment and a considerable percentage of Canadian credit unions as clients, Open Solutions is well established in this country,” said Harrison. “This conversion to a new banking platform is a major step for our credit union and Open Solutions’ commitment, stability and experience give us the confidence to go ahead.”

Harrison conceded that, in light of current economic conditions, it may be considered unusual to undertake a system conversion project at this time. “It’s true that tough times do put a strain on both human and financial resources,” he said. However, QuintEssential Credit Union is confident of its decision to move to more advanced technology now rather than later. “When the recovery happens, we’ll be ready to hit the ground running and well-positioned to offer our members enhanced products and services.”

In addition to The Complete Credit Union Solution: DNA, QuintEssential Credit Union will implement Open Solutions’ Financial Accounting Suite and Asset/Liability Management products, as well as the integrated voice response solution.

Open Solutions Canada president, Blair Goulet, said, “Community-based credit unions such as QuintEssential are the backbone of the Canadian cooperative financial services industry and it’s very important they have the right tools and support they need to serve their members effectively. We are pleased that, after careful and thorough review, QuintEssential Credit Union has selected our solutions to meet its technology needs, and we feel privileged to be considered the credit union’s partner.”

“The Canadian marketplace is experiencing similar economic challenges as those in the U.S. and the rest of the world. We are pleased that more and more credit unions are turning to Open Solutions for their technology needs,” said Open Solutions Chairman and CEO Louis Hernandez, Jr. “Like us, QuintEssential sees the opportunities these unprecedented times offer the financial services industry. They have decided to make the investment to upgrade their technology to our state-of-the-art DNA platform so that when the economy recovers, they will be ready to address their members’ needs. We are proud to welcome QuintEssential Credit Union to Open Solutions’ family of clients.”

About Open Solutions Inc.

Open Solutions Inc. offers a fully featured strategic information management 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 and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, technology services, HSAs, payments 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, Canada and internationally 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 or 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 2009 Open Solutions Inc. All rights reserved.

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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