"We looked at most of the competitive products available in the market and chose The Complete Banking Solution because of the flexibility and openness of the core database structure," said John Fletcher, business development officer at InterBank. "We were not going to build our future strategy on legacy core technology, and we wanted to continue operating in an outsourced environment. We believe Open Solutions' technology will enable us to increase efficiencies and offer more products and services while continuing to fully devote our internal resources to customer service and managing our growth as opposed to managing specific technology applications."
“We looked at most of the competitive products available in the market and chose The Complete Banking Solution because of the flexibility and openness of the core database structure”
Open Solutions offers its Technology Outsourcing Center so that community financial institutions that don't want to maintain in-house operations can take advantage of its relational core processing technology in an outsourced environment. The Technology Outsourcing Center provides a high-level of network and data security for its clients, in addition to offering other services such as disaster recovery, Internet banking and other complementary applications.
"At Open Solutions, we're committed to providing community financial institutions like InterBank with the tools and applications they need to better focus their efforts on giving their customers more personalized service and a full range of product offerings," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "Relationship management, retention and growth are very real concerns for executives at our client institutions, so we're building technology solutions that are powerful and focused on optimizing those strategies. We are very pleased that InterBank has elected to put our flexible, open technology at the core of its technology infrastructure. One of the most significant benefits of that decision is the subsequent ability to further streamline operations, efficiently add new products and services, and monitor profitability." In addition to the The Complete Banking Solution relational core data processing platform, InterBank also selected Open Solutions' cView (CRM/business intelligence) e-Commerce Banker(TM) (Internet banking), loan origination, ATM, telephony/VRU and imaging applications. InterBank already used Open Solutions' Account Payable software prior to this agreement. According to Fletcher, InterBank selected several applications that they plan to run through the Technology Outsourcing Center and opted to bring some solutions in-house. Fletcher added, "Open Solutions offered us a comprehensive product selection and allowed us the flexibility to add products and services in the way our needs dictated - some in-house and some outsourced through the Technology Outsourcing Center. Their commitment to giving us our autonomy and control of how the applications were delivered was key to our final decision."
"Previously, we found a lot of complexity occurred in the cross-management of multiple vendors. We were impressed with the breadth of strategic ancillary solutions offered under the Open Solutions umbrella. Delivery channels are changing more than ever, and we believe Open Solutions is the technology partner most capable of addressing market conditions and growth opportunities as they arise. Stellar technology is a perfect tool to maximize those opportunities and respond to those changes."
About InterBank
Chartered in 1965, InterBank began as a small community bank located in International Falls, MN. Beginning in the early 1990's under new ownership, InterBank relocated its headquarters to the Twin Cities. Although InterBank no longer operates in International Falls, it has not lost its focus on friendly customer service. InterBank has enjoyed substantial growth thanks to its loyal customers and pledges to continue to offer our unique brand of banking into the future. For more information on InterBank visit www.interbank.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(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, electronic image/item processing, Check 21, interactive voice response, 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. (R) and The Complete Banking Solution(R) are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 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. 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 March 31, 2005, as filed with the Securities and Exchange Commission.
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