Ontario-based Northern Credit Union, a top 100 Canadian credit union, today announced it selected the latest core release, DNA (formerly The Complete Credit Union Solution: DNA), from Open Solutions.
Core processing software from Open Solutions, a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets, now powers 52 of the top 100 credit unions in Canada.
Headquartered in Sault Ste. Marie, Ontario, Northern Credit Union serves close to 50,000 members, has 24 branches and approximately $625 million in assets. The credit union cites the modern architecture and member-centric database as the primary factors influencing its decision to select Open Solutions' DNA platform.
Northern Credit Union's President and CEO, Al Suraci, said, "Having a member-centric platform aligns with the credit union's overall growth strategy. As the economy moves into recovery, we are focused on growth and believe Open Solutions' modern architecture will enable us to focus on this initiative, while conservatively managing our costs. The DNA platform supports our goals to work efficiently and effectively, while maintaining a 360-degree view of our members."
Enhanced by Open Solutions' advanced open platform and using .NET technology, DNA capitalizes on the strength of Open Solutions' unique universal data model and design and its client-centric processes, while greatly enhancing workflow, flexibility, navigation and productivity. Built on a powerful, centralized Oracle® relational database, the solution provides the flexibility necessary for running a service-oriented financial institution. Available as an in-house or outsourced solution, it helps credit unions streamline both front- and back-office processes and creates a centralized view of members, employees and business partners.
"We examined many core processing platforms during our evaluation period," Hans Hinding, Vice President of Information Technology for Northern Credit Union, said. "We determined Open Solutions' DNA platform provides the credit union with the best mix of functionality, technology and vendor support needed to grow our business. Open Solutions has a strong presence in Canada and a proven reputation for meeting credit unions' processing needs. Once we examined the technology for ourselves, we were very impressed with the highly normalized database, intelligent user-interface and the state-of-the-art Microsoft.NET environment."
In addition to DNA, Northern Credit Union also purchased Open Solutions' cViewTM (CRM/business intelligence), ProfitVisionTM, voice response unit/telephone banking and its Financial Accounting Suite, which includes general ledger, accounts payable, fixed-asset management and asset-liability management solutions.
Louis Hernandez, Jr., Open Solutions' chairman and CEO, said, "We are proud of the success we've accomplished in the Canadian market and believe the selection by Northern Credit Union further speaks to our commitment to not only meet, but exceed the business needs of this market. Our DNA platform is built on a modern infrastructure and is designed to help credit unions gain a more comprehensive view and understanding of its members. This is critical to ensuring credit unions continue to grow and provide valuable services that differentiate them in an increasingly competitive environment."