Baltimore, Md.-based Securityplus Federal Credit Union announced it has selected Open Solutions Inc.'s imaged-based item processing solution to achieve a streamlined Check 21 strategy.
Open Solutions is a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets.
Securityplus FCU was originally founded in 1938 to serve the financial needs of Social Security Administration (SSA) employees. Today, it is one of the largest credit unions in Maryland with more than $275 million in assets and over 36,000 members, encompassing the Baltimore-area offices of the SSA, Centers for Medicare and Medicaid Services as well as more than 100 local companies and organizations.
"We have a longstanding relationship with Open Solutions and are using their relational core platform, The Complete Credit Union Solution®," said Justin Rawlings, CIO for Securityplus FCU. "To ensure that an imaged-based processing system would seamlessly integrate with our core platform, we decided that Open Solutions was the best fit for achieving a superior Check 21 strategy."
The selection of Open Solutions' imaged-based item processing will allow Securityplus FCU to streamline its operations, optimize workflow and enhance business flexibility. The credit union and its members will benefit from improved funds availability, and the credit union will be able to offer faster member service to retain more accounts.
Along with the core system and now the full imaging suite, Securityplus also uses other Open Solutions' products, including cViewTM (CRM/business intelligence), the financial accounting suite, digital documents and telephony system.
Tim Clewley, senior vice president and general manager of Open Solutions' Imaged Payment Technologies Group, said, "With our comprehensive imaging product suite, institutions can leverage innovative technology to increase efficiency, reduce costs and improve security. A credit union can deploy check imaging as an in-house system or choose to outsource the entire system, based on its needs. Either way, the institution is able to improve workflow and provide excellent service without increasing staff, ensuring the highest level of operational success."
"The emergence of Check 21 forever changed the payments landscape. The industry continues to evolve as new technologies in banking move to the forefront," said Louis Hernandez, Jr., Open Solutions' chairman and CEO. "Further, with the Federal Reserve's plan to close paper check processing facilities across the country, it's important for institutions to be proactive and move their check processing away from paper-based systems. Open Solutions realizes the importance of having a strong, yet flexible electronic payment strategy that will help institutions like Securityplus adapt to market changes. Our innovative check-imaging technology will ensure an easy transition for Securityplus, resulting in excellent service and growth, and we are pleased to continue a partnership with this strong credit union."