Innovation Never Stops as Open Solutions Launches DNA Platform

Glastonbury, CT - 3 March 2008

Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets, announced the launch of its latest core processing solution. The release – brand named DNA – is the culmination of nearly two years of planning, working closely with clients and development. It furthers Open Solutions’ vision of innovation and providing industry-focused technologies designed to enable clients to better compete and serve the marketplace.

Enhanced by Open Solutions’ advanced open platform and using .NET technology, the new core release (The Complete Banking Solution®: DNA/The Complete Credit Union Solution®: DNA) capitalizes on the strength of Open Solutions’ unique universal data model and design and its client-centric processes, while greatly enhancing workflow, flexibility, navigation and productivity. The underlying functionality of the system, however, remains unchanged providing clients with an updated user interface that improves workflow, provides easier access to information and further enhances processing capabilities. Already the technology leader in the relational core processing marketplace, DNA illustrates Open Solutions’ continued commitment to innovation and solution investment.

“With more than 30 financial institutions operating with the system, DNA brings extensive benefits to Open Solutions’ industry-leading relational core processing platform,” said Mike Nicastro, SVP and CMO, Open Solutions.

The user interface of DNA was designed in conjunction with Open Solutions’ clients from the banking and credit union industries. According to Michael Rawlins, director, Human Factors Engineering, Open Solutions, “Focus groups were held with clients as well as non-clients, and the product was independently tested with banking and credit union groups. Heavily utilizing human factors research and usability testing, Open Solutions has created a streamlined, yet feature-rich, user experience that vastly improves navigation and productivity.”

Open Solutions’ bank and credit union clients who have already successfully implemented the DNA release include: 1st Financial Credit Union in St. Charles, Mo., ($166 million); Guaranty Bank & Trust Company in Cedar Rapids, Iowa, ($236 million); Somerset Trust Co. in Somerset, Penn., ($446 million); Spirit of Alaska Federal Credit Union in Fairbanks, Alaska, ($87 million); USA Credit Union in Auburn Hills, Mich., ($573 million); Vermont State Employees CU in Montpelier, V.T., ($367 million); Piedmont Federal Savings Bank in Winston-Salem, N.C., ($845 million); and Coventry Bank, Coventry, R.I., ($203 million).

An important benefit of leveraging a .NET framework is the supporting architecture for Open Solutions to develop a Shared Application Framework (SAF). Open Solutions’ SAF will benefit Open Solutions’ premier products by providing one source code for common functions such as security, printing controls and single-sign on capability. In addition, the benefits of .NET further allow Open Solutions to take advantage of industry standard capabilities and leverage future advances in this state-of-the-art technology platform.
“Top-to-bottom, the new DNA release provides exciting capabilities that will immediately bring improved business results for Open Solutions clients. Client-centric, relationship-driven organizations can now achieve a new plateau in acquiring, servicing and expanding relationships with their customer/member base,” added Nicastro.
“Because our location in Alaska is such a remote community, it was very important for us, as a credit union, to offer a feature-rich online banking system,” explained Mike Lombardino, president & CEO of Spirit of Alaska Federal Credit Union. “We needed up-to-date technology with e-teller and an open architecture data processor to carry us into the future. Our credit union has a great reputation for service, and we are now expanding to include business services.”

Todd Kerska, senior vice president of Guaranty Bank & Trust Company in Cedar Rapids, Iowa, said, “Partnering with Open Solutions provides access to open, fully relational, state-of-the-art technology in a .NET format that accommodates any size requirement and represents a solid and constantly improving technology path tailor-made to fit our customers’ financial and service needs.”

According to Nicastro, “The DNA release of The Complete Banking Solution/The Complete Credit Union Solution contains many features Open Solutions’ clients wanted, including redesigned screens, improved navigation and workflow. DNA was architected using the latest version of Microsoft’s .NET platform. This technology allowed us to separate the application into multiple tiers to significantly improve performance and reduce deployment time. The inherent value in our open architecture enabled us to do this and further illustrates the inefficiencies of older, legacy technology. Those vendors would have a daunting task ahead of them to accomplish the same outcome.”

“Our original vision of an open, relational database model has held true through the years,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “In this latest release, we have continued our tradition of revolutionizing the financial services industry through innovation and technology designed to give our clients a competitive edge. From our beginnings and with our open relational system architecture, we were able to lay a solid foundation for future enhancements. With .NET technology becoming so accepted, we were further able to take advantage of our foundation to incorporate the strengths of that technology to enhance our core product offering. This is not merely a make-over; we leveraged our data model to improve an already robust solution to deliver an even more effective client-focused core platform for our clients and the industry. It’s a collaborative win-win for everyone.”

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