Data and Database Management Software
Washington Trust to Implement Open Solutions' Reconciliation and Fraud Services Program
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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(TM) 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, contactMickey 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.
