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Open Solutions reports four contract renewals

16 July 2007  |  1920 views  |  0 Source: Open Solutions

Open Solutions, a leading provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets, announced four contract renewals for its TotalPlus outsourced core data processing platform.

The renewing banks include Columbia Bank in Fair Lawn, N.J. ($4.1 billion); OceanFirst Bank in Toms River, N.J. ($2 billion); Pentucket Bank in Haverhill, Mass. ($500 million); and Ridgewood Savings Bank in Ridgewood, N.Y. ($4 billion).

Joe Fagliarone, SVP of Columbia Bank said, "Columbia Bank is known for the outstanding service and competitive products we offer to both our customers within the community, as well as our commercial business accounts. As we continue to grow and expand, Open Solutions' core processing platform has enabled us to maintain the one-on-one relationships with our customers, from which we built our reputation. Our success depends on the ability to quickly deploy new products and we've been able to do this successfully through BISYS and subsequently Open Solutions. Renewing our contract was an easy decision to make."

Joseph Iantosca, first SVP/chief administrative officer of OceanFirst Bank also cites the ability to provide outstanding customer service along with quick product deployment and flexible on-demand reporting as the primary reasons for the bank's contract renewal. "As a long time client, OceanFirst has been able to maximize the capabilities of the Open Solutions' system to provide high quality products and services to the bank's customers in an effective, efficient delivery mode. As the Jersey shore communities that we serve continue to grow, we must be able to adapt to our customer's changing needs. By relying on Open Solutions we've gained a more centralized view of our customer's relationships. The bank's management has the ability to analyze complex, custom reports generated locally and quickly through the use of the OnDemand Data Warehouse."

Open Solutions' product offerings are designed to help commercial banks, savings banks and thrifts of all sizes streamline both the front- and back-office applications. Combining the control and access of an in-house system, this solution offers a reliable core processing platform in an outsourced environment.

Diane Galvin, SVP of Pentucket Bank, said, "Open Solutions' platform not only supports our overall growth strategy, but enables us to remain competitive and implement strategic initiatives to better serve our customers. We wanted to remain in an outsourced environment and maintain the flexibility to integrate with third parties. We are pleased to continue our relationship with Open Solutions to meet these objectives."

"Ridgewood Savings Bank is committed to the community we serve by providing the necessary tools needed to help our customers' achieve their goals," said Richard Cirincione, SVP of Ridgewood Savings Bank. "We've found this same commitment and dedication in the employees of Open Solutions. We look forward to continuing to work with the knowledgeable team at Open Solutions and anticipate the sophistication of Open Solutions' core processing platform will continue to help us accomplish both our long-term and short-term business objectives."

"Open Solutions has developed deep roots in the banking industry over the years," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "We understand that one size does not necessarily fit all and we are pleased to offer our clients a choice when it comes to their core processing needs. These recent contract renewals demonstrate our commitment to offer industry-focused solutions designed to help our clients compete and to provide superior customer service. At the end of the day, our goal remains to help financial institutions of all sizes by offering the right product to the right customer at the right time. We are pleased these four banks are continuing to place their trust in us and we're looking forward to continuing to work with each of them to provide quality products and services that will help them to better serve their markets."

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