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FOR IMMEDIATE RELEASE
Contact:
Marvin (Mickey) Goldwasser
Open Solutions Inc.
860.652.3153
mgoldwasser@opensolutions.com
Washington Trust to Implement Open
Solutions’
Reconciliation and Fraud Services Program
--Bank to benefit
from market differentiation and reduced fraud--
GLASTONBURY,
Conn., Feb. 5, 2008 – In an ongoing
effort to mitigate risk for its business banking customers, The
Washington Trust Company has added Open Solutions’ comprehensive security
rich program for reconciliation services and fraud prevention. The Bank
has selected Open Solutions’ browser-based ISRecon™
and SAND®, a registered trademark of ASD Corporation. Washington Trust
previously implemented ISCheck, Open Solutions’ image-based
item processing solution, and plans to have ISRecon and SAND fully
integrated in March 2008.
“We are confident that this new technology will
actively support the account reconciliation process at all levels while
reducing fraudulent activities,” said David J. Jardin, vice
president, operations and payments, The Washington Trust Company.
“In today’s banking environment, institutions need to
maintain a strong fraud prevention program. With this sophisticated
technology and Open Solutions’ breadth of prevention solutions, we
will benefit from market differentiation and reduced fraud risk.”
Using ISRecon’s system components,
Washington Trust can deliver a specific product that meets their
customers’ every need. The Account Reconciliation component with Positive
Pay balances all aspects of the account, including paid items, issued
items, voids and stop payments. As checks are presented for payment, ISRecon’s
Positive Pay compares each one to the “issues list”
and identifies any exceptions.
With the Reverse Positive Pay component, a list of
items paid during that day’s processing is generated and sent to
the accountholder for review. The SAND technology allows Washington Trust
to print encrypted authentication codes on checks to ensure security. Printed
as a bar code or clear text format on the face of the check, the
technology protects the negotiable information and authenticates the
transactional data rather than focusing solely on the check stock.
“Unfortunately fraud will continue to exist and
will require an ever increasing focus by financial institutions. It is
imperative for institutions to develop and implement successful
preventative and risk management strategies,” said Louis Hernandez,
Jr., chairman and CEO of Open Solutions. It is a central part of our
mission as a company revolutionizing financial services technology to
provide the tools needed in the risk mitigation effort. By selecting ISRecon
and SAND, Washington Trust will benefit from a system that assists
with fraud/risk management and provides reconciliation services to
business banking customers.
About
Washington Trust
The
Washington Trust Company is a subsidiary of Washington Trust Bancorp,
Inc., a $2.5 billion corporation headquartered in Westerly, Rhode Island . Founded in 1800, Washington Trust is the largest independent bank and
the oldest community bank in the nation, headquartered in Rhode Island . A state-chartered bank, Washington Trust offers a full range of
financial services, including business banking, personal banking, and
wealth management and trust services, through its offices located in
Rhode Island, southeastern Connecticut and Massachusetts. The
Corporation’s common stock trades on The NASDAQ Stock Market under
the symbol WASH. Web site address: www.washtrust.com.
About
Open Solutions
Open
Solutions Inc.® is a leading provider of integrated enabling technologies
for financial service providers in the United States, Canada and internationally. 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, network 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 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
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