Fairfax County Federal Credit Union Selects
Open Solutions Enabling Technology
-- Open architecture enterprise-wide data processing platform chosen to
replace credit unions’ legacy system --
GLASTONBURY, Conn., June 22, 2006 –Fairfax, Va.-based Fairfax County Federal Credit Union has chosen to partner with Open Solutions Inc.® (NASDAQ: OPEN), a provider of integrated enabling technologies for financial services providers across the United States and Canada, and will implement Open Solutions’ credit union enterprise software solution, The Complete Credit Union Solution®, to handle its data processing needs. The credit union has also selected several of Open Solutions’ complementary applications including cView™, the company’s CRM tool; the collection module and financial accounting products including general ledger and ProfitVision for profitability.
Fairfax County Federal Credit Union, with more than 18,000 members and $210 million in assets, recently expanded its charter to serve the entire county. As a result, the credit union sought a new core processing system, as its 27-year legacy system could not accommodate its growing needs. Fairfax County Federal Credit Union executives wanted a comprehensive, integrated core data and transaction processing solution capable of providing real-time member information across all delivery channels.
“We want the most enhanced, up-to-date products available,” said Joe Thomas, president and CEO of Fairfax County Federal Credit Union. “We needed a next-level solution that could fully integrate with our operations – from lending to investments and deposits. After evaluating several vendors, it was a unanimous decision to implement Open Solutions’ The Complete Credit Union Solution. The system’s open technology and real-time operations enabled us to improve efficiencies and provide comprehensive sales and management tools to our personnel while enhancing our superior service levels to our members.”
The Complete Credit Union Solution is built on a powerful, centralized Oracle® relational database and is 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. 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.
“The Complete Credit Union Solution was designed to be an open technology application, giving credit unions the necessary tools to be flexible and member-centric at the same time,” said Louis Hernandez, Jr., CEO and chairman of Open Solutions. “We believe being chosen to replace a 27-year incumbent core processor is a testament to our innovative approach to the marketplace. We remain dedicated to giving our clients the tools and resources they need to offer a higher level of service to their members. The Complete Credit Union Solution delivers real-time core processing, business intelligence capabilities, and combined with our financial accounting suite, we believe it enables credit unions, such as Fairfax, to develop even closer member relationships.”
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, imaging, Check 21, digital document, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial service providers 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.