Source: Open Solutions
Maryland-based State Employees Credit Union (SECU), announced it has selected Open Solutions' The Complete Credit Union Solution, its state-of-the-art relational core data processing platform for credit unions, to address its enterprise-wide data processing needs.
Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets. SECU is equal owner in Open Technology Solutions (OTS). They will be running TCCUS through OTS, a CUSO that runs Open Solutions technology.
With $1.6 billion in assets, 15 branches and more than 243,000 members, SECU joined OTS as an equal owner of the CUSO with $1.6 billion Colorado-based Bellco Credit Union, $2.3 billion New York-based Bethpage Federal Credit Union and $1.6 billion Oregon-based First Tech Credit Union. Open Solutions' open architecture and member-centric platform is now the underlying technology for all four credit unions.
SECU President and CEO, Rod Staatz, said, "Prior to selecting Open Solutions' technology, we relied on the same system for more than eight years. We did a thorough search and engaged in an extensive core system review before we determined Open Solutions was the best fit for SECU. We needed a solution that would not only support our current needs, but more importantly would scale and be flexible enough to support our future needs as we continue to grow. We run in a highly customized environment and therefore, the open architecture was ultimately the key technology factor in our decision. No other system we evaluated offered this level of flexibility."
Additionally, the SECU leadership team collaborated with employees from Bethpage, Bellco and First Tech credit unions to learn first-hand about their specific implementation experiences and to form important synergies.
"Our evaluation, including implementations by the other OTS member credit unions, indicated TCCUS is not only a superior core processing solution with regard to its structure and functionality, but it's also being delivered and maintained in a manner we find best suited for the long-term interests of our institution and members," continued Staatz. "The positive feedback we received from our peers regarding their experiences solidified our decision to partner with OTS and Open Solutions. We look forward to working with other progressive credit unions to develop and implement new product and service solutions and to deliver the best possible service to our members. We know the three other credits unions that make up OTS share this same philosophy and that the Open Solutions platform is the tool that will help us achieve these goals."
The Complete Credit Union Solution is built on a powerful, centralized Oracle relational database 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.
In addition to The Complete Credit Union Solution data processing platform, SECU is also implementing Open Solutions' integrated solutions including Interactive Management Center (IMC), cView (CRM/business intelligence), Channel Management Center (an interface between disparate systems), premium overdraft protection and telephony solutions.
"Open Solutions is dedicated to providing innovative solutions we believe will support credit union's long-term strategies and increase the level of service they can provide their members," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "We understand the importance of technology in today's market and our goal is to design and deploy innovative product offerings that best suit the needs of our clients' members and employees. Open Solutions designed its products to help financial institutions maintain a competitive edge in an ever-changing industry. SECU is a forward-thinking credit union and we are proud to be its technology partner."