Open Solutions Inc. (NASDAQ:OPEN) announced that Vermont State Employees Credit Union of Montpelier, Vermont, has chosen to install its relational enterprise data processing suite, The Complete Credit Union Solution(R) (TCCUS), to handle all transactional and integration strategies for the $360M credit union and its nearly 40,000 members.
Steven Post, CEO of Vermont State ECU, said, "After 17 years on our current technology platform, our goals dictated that we look for technologies that more fully addressed the needs of not only our growing membership, but our staff and management team, as well. We partnered with Cornerstone Advisors, Inc., a consulting firm that specializes in evaluating technology platforms and applications for the banking and credit union industries. When all was said and done, we knew we wanted Open Solutions' technologies. The core architecture and database structure alone were clear justification for making the investment. Add to that the great functionality and high level of platform integration and, in our opinion, TCCUS is clearly the best solution for the VSECU."
"Vermont State Employees Credit Union is a growing and progressive institution," said Gary Daniel, SVP and general manager of Open Solutions' credit union group. "We are pleased to have them as a member of the Open Solutions client institution family. The credit union is growing rapidly, and having TCCUS as its core data processing system should help bolster and maintain that growth. We are particularly proud that Vermont State ECU has selected virtually the entire Open Solutions product suite. We feel their choice is evidence of our commitment to product and service excellence within the credit union marketplace."
In addition to core processing, the credit union has selected to implement Open Solutions' retail and commercial Internet banking, financial accounting, loan origination processes, CRM/business intelligence and interactive voice response product offerings. "We didn't look at the technology shift as a piecemeal process," Post said. "We wanted a comprehensive solution. The more integrated the system, the better. Open Solutions clearly embraces that strategy and affords us the best, most efficient and most flexible way of achieving global integration. Open Solutions has what we believe are the best products for each of the operational functions, like loan origination and business intelligence and the best member access point applications, including its e-Commerce Banker and voice response. With a powerful relational database at its core, we believe we have a solution that offers us a clear competitive advantage."
Open Solutions Chairman and CEO, Louis Hernandez, Jr., said, "Open Solutions offers community financial institutions what we believe to be the best technology and service solutions in the marketplace today. With The Complete Credit Union Solution serving the credit union's processing needs, in addition to our full suite of complementary products, we are confident that we can assist Vermont State ECU in surpassing its goals for full service member access and the offering of new products for its business department and lending services. We are proud to be their technology partner."