GLASTONBURY, Conn.–(BUSINESS WIRE)–Dec. 22, 2003–Open Solutions Inc.(R) (NASDAQ: OPEN) a provider of enabling technology for community banks and credit unions including outsourced item capture andcheck imaging technology, announced an expansion of its strategic alliance with BISYS(R), a leading provider of business process outsourcing solutions for the financial services sector.
The expanded relationship will allow BISYS banking clients to leverage Open Solutions’ outsourced check image and check processing systems with the BISYS information processing system. The solutions are delivered through Open Solutions’ Northeast regional processing centers. Mutual Open Solutions and BISYS clients will be able to take advantage of having access to images online at their teller stations and can make these images available to their customers via the Internet. Return items can be done online with the Federal Reserve, which has the potential to cut down on processing time, reduce errors and accelerate the timeliness of the return of adjustment dollars. Open Solutions works with the Federal Reserve to coordinate the movement of all images into the client’s archives, ensuring that posting and imaging files are correct and updated.
Bill Neville, president of BISYS Information Services, commented, “We wanted to offer our banking clients an option for outsourced item imaging and processing that added value by meeting three critical criteria: integration with BISYS’ information processing systems, superior technology and the ability to comply with the recently enacted Check Truncation Act (Check 21). The Open Solutions systems meet all three conditions. We were also impressed with their advanced web-based research capability and their existing relationship with the Federal Reserve.”
Hampden Savings Bank, a bank with more than $400 million in assets based in Springfield, MA and client of Open Solutions, is the first BISYS client to take advantage of this aspect of the strategic relationship between Open Solutions and BISYS. Robert Massey, senior vice president of Hampden Savings Bank, said, “We are delighted with the Open Solutions item processing solution. We made the decision to go with Open Solutions based on their Check 21 readiness, user-friendliness of their browser-based system and the overall efficiency that their system brings to our item processing operation.”
Mike Nicastro, senior vice president of Opens Solutions Inc. and general manager of its Strategic Solutions Group, noted, “We are very pleased to further our relationship with BISYS and offer their clients a technologically advanced item processing and imaging system. Our existing clients enjoy the benefits of a flexible, efficient system and the BISYS banking clients can now leverage these advantages as well.”
About Open Solutions
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications, built on a single enterprise-level version of an Oracle relational database, with Internet banking, cash management, CRM/business intelligence, imaging, financial accounting and loan origination solutions. Open Solutions’ full suite of products and services is designed to allow banks, thrifts and credit unions to better compete in today’s aggressive financial services marketplace, expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its product lines contact Mickey Goldwasser at 860.652.3153, via fax at 860.652.3156, or email [email protected]. Visit Open Solutions’ Internet site at www.opensolutions.com.
Open Solutions Inc.(R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners.
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 including, 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 and prices, factors related to our relationship with our strategic partners and other factors discussed in the Company’s Registration Statements on Form S-1, as amended, filed with the Securities and Exchange Commission.
About BISYS Banking Solutions
BISYS provides one of the most comprehensive information processing solutions, integrating core banking applications with approximately 70 ancillary products. BISYS’ enterprise-wide automation supports commercial, retail, and mortgage banking; electronic and Internet-based transactions; branch automation; customer relationship management; data warehousing; and executive decision-support. BISYS continually enhances the functionality of its banking solution, which supports approximately 300 banks, by integrating new ancillary products and advancing technologies.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergence by entering new segments of the financial services industry. BISYS currently supports more than 20,000 domestic and international financial institutions and corporate clients through three business units. Its Investment Services group provides administration and distribution services for approximately 380 clients, representing more than 2,200 mutual funds, hedge funds, private equity funds, and other alternative investment products with more than $650 billion in assets. BISYS’ largest group also provides retirement services to more than 15,000 companies in partnership with 40 of the nation’s leading banks and investment management companies, and offers analytical research and competitive intelligence through its Financial Research Corporation (FRC) subsidiary. Through its Insurance and Education Services group, BISYS is the nation’s largest independent distributor of life insurance and the premier provider of the support services required to sell traditional and variable life, annuity, long-term care, and disability products. BISYS is also the nation’s third largest independent wholesaler of commercial lines of property/casualty insurance.
This group complements its insurance distribution services with a comprehensive compliance management solution that supports insurance and investment firms and professionals with more than 225 certification and continuing education training courses, and a sophisticated suite of products and services that automates the entire licensing process. BISYS’ Information Services group provides information processing and imaging solutions to more than 1,150 financial institutions. This group also supports more than 120 insurance companies with a suite of asset retention solutions, and provides complete program management for corporate-sponsored cash management accounts. Additional information is available at http://www.bisys.com.
