Open Solutions signs Bank-Fund Staff Federal Credit Union

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 Bank-Fund Staff Federal Credit Union, Washington DC, has selected The Complete Credit Union Solution: DNA (TCCUS: DNA), an enhanced relational core processing platform, to improve process efficiency and sales initiatives through member-centric operations.

Bank-Fund Staff FCU was founded to provide employees of The World Bank Group and the International Monetary Fund with a secure and convenient source of credit and place to save. Since being chartered in 1947 by World Bank and International Monetary Fund staff members, the credit union has grown to $2.6 billion in assets and about 60,000 members, ranking among the top 35 of federally chartered credit unions according to asset size. Bank-Fund executives cited member-centricity and the strengths of a relational database as the primary reasons for choosing Open Solutions.

"With a growing membership base, it was vital for us to take the next step in making members the center of our institution," said Timothy Elmore, CIO of Bank-Fund Staff FCU. "The single-screen, holistic view of members' relationships with the credit union will provide invaluable benefits for our front-line sales and service initiatives, while the Oracle relational technology will streamline back-end processes and provide faster product-to-market times. Open Solutions offered us the most flexible, leading edge technology of the solutions that we considered. We are confident that the TCCUS: DNA platform will significantly improve our efficiencies and member service capabilities through the real-time, enterprise-wide exchange of information."

Elmore also noted the professionalism of the Open Solutions' team and the benefits of leveraging the same platform as several other respected and industry-leading credit unions. "We were looking for a long-term partner, someone we could see working with for at least a decade, and hopefully much longer. Open Solutions provided us with the right technology, solutions and people to fulfill that objective. We also look forward to operating on the same platform as other progressive credit union peers across the country, putting us in an elite group and enabling us to exchange thoughts and ideas to propel growth."

The Complete Credit Union Solution: DNA 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. By capitalizing on the strength of Open Solutions' unique universal data model and .NET design, the platform helps credit unions streamline both front- and back-office processes and creates a centralized view of members, employees and business partners.

In addition to The Complete Credit Union Solution, Bank-Fund Staff FCU will also implement Open Solutions' cView, Channel Management Center, ProfitVision, telephony solutions and customized Professional Services.

"Many credit unions are examining the current marketplace and looking for ways to turn the challenges of the economy into opportunities that capitalize on their strengths. As a result, many institutions are making innovative technology investments to gain competitive advantages in the areas of member-service and to drive growth," said Louis Hernandez, Jr., chairman and CEO of Open Solutions Inc. "During these unprecedented times, more than ever, Open Solutions' sophisticated member-centric technology enables credit unions like Bank-Fund Staff FCU to provide more thorough, efficient and personalized service at a time when securing member relationships are a key component to addressing competition. The open and flexible nature of our relational database and system architecture is designed to streamline processes while allowing for product innovation and expansion. Bank-Fund Staff FCU is known as a prestigious and forward-thinking institution and we are pleased that they have selected us as their technology partner and we look forward to help them achieve their goals and to serving them in the years to come."

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