Source: Open Solutions
Open Solutions, a leading provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets, announced that Trinidad and Tobago-based Eastern Credit Union has signed a five-year agreement with Open Solutions for the international version of the company's enterprise relational data processing platform, The Complete Credit Union Solution, and other complementary technologies to handle the credit union's processing needs.
Eastern Credit Union has its registered office in St. Joseph, Trinidad and Tobago and serves more than 115,000 members. With $150 USD million in assets and nine branches in strategic locations in Trinidad, Eastern is a leading financial cooperative in Trinidad and Tobago.
In addition to the core banking product, Eastern Credit Union will utilize the POSH payments solution to facilitate its acceptance as the first credit union in the LINX network. With the introduction of POSH, Eastern Credit Union members will have access to the network of ATM and point-of-sale (POS) devices operated by the LINX network in Trinidad and Tobago. Infolink Services Limited, the operators of the LINX network are also long-term clients of the Open Solutions Payment Solutions Group.
In addition to The Complete Credit Union Solution and the POSH EFT terminal management and switching product, the credit union will implement Open Solutions' cView (CRM/business intelligence) product.
The Group Executive Manager of Credit, Financial and Advisory Services, Ramlochan Ragoonanan, explained, "We distributed a benefits statement to our staff in early April. We were able to tell them that new switch benefits would include faster processing of transactions, improved ATM capabilities, LINX capabilities and enhanced data security. We also could see many staff benefits from the introduction of the new core banking system, including easier navigation, faster access and improved and personalized member to staff interaction."
Blair Goulet, president of Open Solutions Canada said, "For more than 20 years, the Open Solutions Payment Solutions Group has built a strong following for its switching technologies internationally, with a particularly strong focus in the Caribbean. Now integration with our core banking processing product offers potential benefits to all Open Solutions clients. Open Solutions' payments and banking products help institutions worldwide like Eastern Credit Union that want to differentiate their financial products and offer unique services to their clients."
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "Eastern Credit Union is among the first international clients to implement both our core and payment solutions. The financial services industry has recently noted that the significance of payments in the banking sector has traditionally often been understated or overlooked. Open Solutions recognizes that the production and distribution of payments services is one of the core activities of commercial financial institutions and has invested significant time and effort to integrate our banking and payments offerings. In the long term, Open Solutions will continue to offer innovative solutions that resolve mission-critical business concerns."