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

-- 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.