FOR IMMEDIATE RELEASE

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

INOVA Federal Credit Union Replaces Legacy System with Open Solutions’ DNA Core Platform

– Core solution and open-ended enterprise applications will help drive growth and expansion –

 

Glastonbury, Conn., April 8, 2008 – INOVA Federal Credit Union, located in Elkhart, Ind., has selected Open Solutions Inc.’s̉The Complete Credit Union Solution̉: DNA, Open Solutions’ latest release of its industry leading relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Launched last month, Open Solutions’ latest core release has more than 30 institutions in operation. Open Solutions Inc. is a leading provider of integrated enabling technologies for financial institutions throughout the United States, Canada and other international markets. 

            Formerly Bayer Federal and Michiana Credit Union, INOVA FCU has more than $275 million in assets. With more than 32,000 members and 87,000 accounts, the federal credit union operates through its 12 branches across six states, including California, Connecticut, Indiana, New Jersey, New York and North Carolina.

Citing Open Solutions’ open architecture and .NET integration capabilities as key factors in the institution’s decision, INOVA FCU’s president and CEO, Dallas Bergl said, “Open Solutions is the leader in providing innovative technologies to financial institutions. We chose TCCUS: DNA because its open platform will allow us to upgrade our system as necessary. Additionally, the open-ended suite of enterprise applications offers a myriad of options for additional functionality. With this breadth of technology, we can enter new markets as they emerge while providing excellent service to our members. Our old system just didn’t give us the flexibility we wanted.”

Enhanced by Open Solutions’ advanced open platform and using .NET technology, the new core release (The Complete Credit Union Solution®: DNA) capitalizes on the strength of Open Solutions’ unique universal data model and design and its member-centric processes, while greatly enhancing workflow, flexibility, navigation and productivity. The underlying functionality of the system, however, remains unchanged providing clients with an updated user interface.

INOVA FCU’s selection of Open Solutions as its technology partner compliments its long-term strategic growth efforts. “Following a lengthy core systems evaluation, we decided that Open Solutions could provide both the technological capabilities and flexibility our organization requires to succeed in the 21st century,” said Bergl. “We chose to evaluate Open Solutions against our current legacy provider in an effort to determine which system would provide us with the most innovative platform that could easily evolve as our business needs and our members’ needs change.”

Additionally, INOVA FCU needed a system that would provide functionality and enable the credit union to add more and different member business services. With Open Solutions’ flexible platform, the credit union will be able to roll out different member services and products quickly and efficiently, thus achieving outstanding member service.

“It’s exciting to see that not only are our clients moving quickly to migrate to DNA, but that forward thinking and progressive institutions like INOVA are recognizing the importance of their core systems and leaving behind products where the vendor’s core innovation strategy was non-existent,” said Michael Nicastro, Open Solutions' Senior Vice President & Chief Marketing Officer.

The federal credit union will also implement Open Solutions’ full cView suite, Credit Card Module, Construction Loan Management, General Ledger, Fixed Assets, Accounts Payable, Real Time ATM Processing, Shared Branch Interface, e-Commerce Banker Consumer Suite, e-Commerce Banker Business Suite and Digital Document Systems.

Louis Hernandez, Jr., Open Solutions chairman and CEO, said, “The Complete Credit Union Solution̉: DNA offers credit unions a leading-edge relational core data processing platform, creating a competitive advantage in operational efficiency and relationship management. For member-centric, relationship-driven credit unions serving a broad member base like INOVA FCU, the platform provides information to manage member relationships rather than just manage accounts. It presents a full member view instead of the traditional account level view. As INOVA FCU grows, we are committed to helping them achieve success.”

 

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, network services, Web hosting and design, 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.