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12/02/2009

Open Solutions Experiences $7-billion Weekend

Open partners with three large credit unions to successfully implement DNA platform-

Glastonbury, Conn., Dec. 1, 2009 - Open Solutions Inc.^®, a leading provider of integrated enabling technologies for financial services providers throughout the United States, Canada and other international markets, announced that over the weekend of Oct. 31-Nov. 1, the company completed successful core conversions for three credit unions with combined assets of more than $7 billion.

Mid-Atlantic Corporate Federal Credit Union, based in Middletown, Penn., has more than $3.6 billion in assets; Redstone Federal Credit Union, based in Huntsville, Ala., has 20 branches and more than $2.6 billion in assets; and USAlliance Federal Credit Union, based in Rye, N.Y., has 14 branches and more than $770 million in assets. All three moved from legacy platforms to Open Solutions' cutting-edge relational core data processing platform, The Complete Credit Union Solution®: DNA - Mid-Atlantic and Redstone from a competitor's product and USAlliance from a home-grown system.

"The weekend went very smoothly both on our end and the clients'," said Sam Boggs, Open Solutions' executive vice president of Group Operations. "They each have numerous members and sizeable assets, but the Open Solutions Program teams and their respective client counterparts prepared extremely well for the conversion weekend. Given our vast experience with our other large clients, we were able to use our Industry Best Practice Implementations Methodology to drive the preparation. The key to the weekend was to translate that preparation into solid execution. As part of our normal process to support this type of activity, we also put a command center in place that enabled a very high level of responsiveness on behalf of our clients. Issues are always going to come up during these types of events, but by handling them in an exemplary fashion we are able to allow our clients to focus on their members."

George McGourty, vice president of Business Development for Open Solutions' Credit Union Group, said, "I believe it has been three or four years since any other company has even done a successful conversion for a $2-billion credit union, and I'm not aware of anyone in the credit union market ever converting multiple institutions with over $7 billion in assets in a single weekend."

Among credit unions with assets of a billion dollars or more, eighteen of the last 25 to change core providers selected Open Solutions.* "To my knowledge, no other provider has won more than two deals from billion-dollar-plus credit unions during the same five-year period," McGourty added.

"We've been the overwhelming choice for high-asset credit unions," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "That speaks volumes about Open Solutions and the innovative technology on which we've been building since our founding in 1992, culminating in DNA."

Built on an open-based architecture, The Complete Credit Union Solution: DNA is the next generation in adaptable core processing systems, offering credit unions maximum flexibility in adding new products, software applications and providing real-time data integration through the various service channels. The underlying functionality of the system, however, remains unchanged from the original data model, providing clients with an updated user interface that improves workflow, allows easier access to information and further enhances processing capabilities.

"I'm so pleased that Mid-Atlantic, Redstone and USAlliance have joined the Open Solutions family," continued Hernandez, "and I know they'll be more than pleased with DNA. They have positioned themselves for the next 15 years."