Michigan Educational Credit Union Expands Relationship with Open Solutions, Selects Enterprise-Wide Data Processing Platform
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Credit union makes long-term strategic technology investment
GLASTONBURY, Conn., Jan. 9, 2008 - Michigan Educational Credit Union announced it has selected Open Solutions Inc.'s The Complete Credit Union Solution(TM)®, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the world.
Based in Plymouth, Mich., Michigan Educational Credit Union has approximately $500 million in assets, six branches and serves more than 50,000 members. A long-time client of COWWW Software, a business unit of Open Solutions Inc. and provider of an information archive and delivery system for financial institutions as well as Open Solutions' CyberBranch core product (formerly CU Tech/CGI), the credit union cited Open Solutions' commitment to technology and the ability of TCCUS to meet its long-term strategic needs as the primary reasons for its expansion of its relationship. The credit union has decided to run TCCUS out of Open Solutions' state-of-the-art service center in Cherry Hill, New Jersey.
"Our long-standing relationship with COWWW Software (which was acquired by Open Solutions in 2006), was also a significant factor in our selection process," said Mark Pugliese, chief financial officer for Michigan Educational Credit Union. "Overall, we've received outstanding client service. The entire staff at Open Solutions is dedicated to serving its client base; any issue we've ever encountered has always been resolved in a timely manner. We view this conversion as a long-term strategic investment and therefore were looking for more than just a systems provider, but a true technology partner. Only Open Solutions offered both a sophisticated technology platform and extraordinary client service."
Additionally, Pugliese noted Open Solutions' conversion experience with credit unions of all sizes as another deciding factor. "Every credit union's conversion process is unique. We are confident Open Solutions extensive experience and dedicated staff, combined with the commitment of our team and preparation, will ensure our conversion is as painless as possible."
Upon implementation, Pugliese expects to further streamline operations and create workflow efficiencies. "Our staff will now be able to focus more time on better serving our members and less time worrying about processing transactions. We will gain a more complete view of our member relationships. Currently, our staff has to navigate through several screens to get account information. With TCCUS, each member's information will be easily accessible on one screen, giving our staff the knowledge to more effectively cross-sell products and services.
The Complete Credit Union Solution is built on a powerful, centralized Oracle' relational database designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It helps credit unions streamline both front and back office processes and creates a centralized view of members, employees and business partners.
"With the open architecture of TCCUS, we are gaining a more modern infrastructure, which in turn will give us the ability to easily interface and share information," said Pugliese. "Overall, we felt Open Solutions was the best long-term partner for our credit union and we are looking forward to expanding our current relationship."
Open Solutions provides credit unions with a fully featured strategic product platform, integrating core data processing with strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions. In addition to The Complete Credit Union Solution data processing platform, Michigan Educational Credit Union is also implementing Open Solutions' integrated solutions including cViewT (CRM/business intelligence), general ledger and StreamLend Velocity loan origination applications.
"As credit unions grow and expand their membership, the underlying technology infrastructure becomes critical to ensure success," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "Relying on an open architecture solution with a sophisticated database and advanced functionality enables today's credit union to grow, without sacrificing member service in the process. We understand competition is fierce. Open Solutions' suite of modern technology applications is designed to address the challenges facing today's credit union executive leadership team including automation of workflow, advanced analysis and reporting capabilities - and most importantly - a more holistic view of their membership. Michigan Educational Credit Union is a leader in the credit union marketplace and has established a reputation for member service. We are pleased to expand our relationship with Michigan Educational Credit Union and look forward to continuing to work together for many more years to come."
About Open Solutions
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.
Contact: Marvin (Mickey) Goldwasser
Open Solutions Inc.
860.652.3153
mgoldwasser@opensolutions.com
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.
