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FOR IMMEDIATE RELEASE
Contact:
Marvin (Mickey) Goldwasser
Open Solutions Inc.
860.652.3153
mgoldwasser@opensolutions.com
Open
Solutions and GlobalVision Systems, Inc. Announce Strategic Partnership
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Partnership to provide anti-money laundering and anti-terrorist financing
processing solution to clients --
GLASTONBURY, CONN,
Nov. 7, 2005 – Open Solutions Inc. (NASDAQ: OPEN), a
provider of integrated enabling technologies for community financial
institutions across the United States and Canada, has signed a strategic
partnership agreement with GlobalVision Systems, Inc. (GlobalVision), a
leading supplier of knowledge-based management software. Under this
agreement, Open Solutions will offer Global Visions’ PATRIOT
Officer system to its clients. PATRIOT Officer is an advanced and
comprehensive suite of Bank Secrecy Act (BSA), Anti-Money Laundering
(AML), and Anti-Terrorist Financing (ATF) solutions.
Financial
institutions have an obligation to monitor, detect and report suspicious
activities such as money laundering and terrorist financing to Financial
Crimes Enforcement Network (“FinCEN”). In recent years,
government agencies have also required financial institutions to
strengthen their internal Anti-Money Laundering and Anti-Terrorist
Financing programs in accordance with the Bank Secrecy Act, the USA
PATRIOT Act, and the requirements set by Office of Foreign Assets Control
(“OFAC”). This increase in oversight controls and regulations
has forced financial institutions to focus on ways to minimize regulatory
compliance risk and comply with government agencies that are constantly
raising their standards in the regulatory examinations.
To assist
clients with this increasing regulatory compliance, Open Solutions has
spent time researching and identifying the best available BSA/AML/ATF
solutions in the industry. This research included Open Solutions’
own internal banking operations and regulatory compliance staff and
participation by a client focus group established specifically for this
project. As a result of this effort, the PATRIOT Officer has been
selected by Open Solutions as their preferred BSA/AML/ATF solution.
“To ensure that we
make the best possible decision in selecting highly specialized applications
for our clients, our technology review committee was made up of client
financial institutions representing a variety of needs in the financial
industry,” said Open Solutions’ Vice President and Chief
Compliance Officer John DeMita. “We believe that the PATRIOT Officer
is more advanced, feature rich and cost effective than the other solutions
we researched. Open Solutions’ clients will also benefit from Patriot
Officer’s technical design since it can share the same computer
infrastructure as Open Solutions’ suite of products. Bringing the
PATRIOT Officer system to Open Solutions’ clients further empowers
them to quickly and efficiently comply with the regulatory requirements
in a cost-effective manner. We look forward to offering this full
featured BSA/AML/ATF solution to our clients.”
According to
GlobalVision, the PATRIOT Officer is fully compliant with the newly
published BSA/AML examination manual (June 2005). The PATRIOT Officer is being used by hundreds of financial
institutions of varying assets sizes. Incorporated with several
patent pending technologies, the PATRIOT Officer empowers financial
institutions to quickly comply with the sophisticated and stringent
regulatory requirements smoothly and effortlessly. Many financial
institutions have been using the PATRIOT Officer to increase their
competitive advantages. The Patriot Officer will be offered to Open
Solutions clients as a licensed product for in-house operation, and
through Open Solutions’ Technology Outsourcing Center as a serviced product.
“We are
honored to partner with a leading industry provider like Open Solutions
in supplying the PATRIOT Officer system to their client base,” said
Oliver Song, president and CEO of GlobalVision Systems. “Through
this partnership, we will be able to provide more financial institutions
with leading-edge technology to combat money laundering and terrorist
financing.”
About GlobalVision
Systems, Inc.
GlobalVision
Systems, Inc., based in Los Angeles, Calif., is the leading provider of
BSA/AML/ATF software to financial institutions. Thousands of compliance
professionals are already using GlobalVision’s renowned product
– the PATRIOT Officer – to automate their BSA, AML and ATF
processes. Being used by financial institutions with a wide range of
asset sizes, PATRIOT Officer is highly recommended by compliance
professionals across the nation as the most advanced, comprehensive and
fully integrated BSA/AML/ATF software. The PATRIOT Officer is endorsed by
more than 60% of core banking system vendors and data centers, covering all
time zones in the USA. For more information about GlobalVision, please
visit www.gv-systems.com or
contact Catherine Lew, vice president, GlobalVision Systems, Inc at
818.998.7851 or clew@gv-systems.com.
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, electronic image/item processing, Check 21, interactive voice
response, and payment and loan origination solutions. Open
Solutions’ full suite of products and services is designed to allow
banks, thrifts and credit unions in the United States and Canada 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 2005 Open Solutions Inc. All rights
reserved.
Safe
Harbor Statement
Statements made in this press
release that state Open Solutions Inc.'s or management's intentions,
beliefs, expectations, or predictions for the future are forward-looking
statements within the meaning of The Private Securities Litigation Reform
Act of 1995. Readers are cautioned that these statements are only
predictions and may differ materially from actual future events or
results. All forward looking-statements are only as of the date of this
press release and Open Solutions Inc. undertakes no obligation to update
or revise them. Such forward-looking statements are subject to a number
of risks, assumptions and uncertainties that could cause Open Solutions
Inc.'s actual results to differ materially from those projected in such
forward-looking statements. For example, we utilize certain key
technologies from third parties, and may be unable to replace those
technologies if they become obsolete or incompatible with our products.
Factors which could cause our actual results to differ materially from
those projected in forward-looking statements include, without
limitation, economic, competitive, governmental and technological factors
affecting the banking and credit union industry and/or Open Solutions
Inc.'s operations, markets, products, services, prices and other factors
set forth under the heading “Factors Affecting Future Operating
Results” in Open Solutions’ Quarterly Report on Form 10-Q for
the three months ended June 30, 2005, as filed with the Securities and
Exchange Commission.
Copyright ©2005 Open Solutions Inc. All rights
reserved.
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