Open Solutions Inc.Â® announced Millington Savings Bank has selected the latest version of its relational core data processing platform, The Complete Banking SolutionÃ: DNA, to address enterprise-wide data processing needs. Open Solutions is a provider of integrated enabling technologies for financial service providers throughout the United States, Canada and international markets.
Founded as Millington Building and Loan in 1911, Millington Savings Bank has $300 million in assets and four branches in Millington, NJ. The bank is migrating from Open Solutionsâ TotalPlusÂ® outsourced core data processing platform to The Complete Banking SolutionÂ®: DNA and will continue to outsource via Open Solutionsâ Cherry Hill, N.J. location.
According to President and CEO of Millington Savings Bank, Gary Jolliffe, âOur history with Open Solutions was a vital factor for selecting their core platform. Our 27-year relationship made us confident of a safe and easy conversion from our existing system.â
In addition to The Complete Banking Solution: DNA data processing platform, Millington Savings Bank will implement Open Solutionsâ Financial Accounting Suite (integrated financial management solution) and Voice Response applications.
With The Complete Banking Solution: DNA, a community financial institution can select either an in-house or an outsourced processing option to support its growth strategy. The in-house option offers complete control over sensitive customer data while the outsourced and hosted option provides both equipment and technology support through Open Solutionsâ state-of-the-art, secure data processing center. Depending on their needs, institutions may convert from outsourced to in-house processing, or vice versa, without changing systems.
DNA exploits the strength of the unique universal data model that Open Solutions has built its technology on, while providing system enhancements for both front and back office. When Open Solutions originally designed its core platform system, it ensured that the system reflected the natural relationships between people, organizations and accounts. The underlying functionality of the system remains unchanged and maintains the same relational database. TCBS: DNA has improved navigation and workflow; a significant reduction in the number of screens; single sign-on capabilities for tighter product integration; and a standardized look and feel of all products.
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, âOpen Solutions has been a strategic partner of Millington Savings Bank for nearly three decades, and we are honored by their decision to continue that relationship. We are pleased to have re-earned Millingtonâs business and we understand the importance of continually building and retaining strong partnerships to ensure excellence. One of our primary objectives is to offer technology choices, enterprise-wide information management and complementary solutions backed by service to financial institutions like Millington Savings so that they in turn can offer innovative products, deliver outstanding service and better compete in the marketplace. We look forward to our continued partnership and to help them achieve their business goals.â