Open Solutions Inc.

Open Solutions Inc.

July 16, 2008 16:30 ET

Creative Arts Savings & Credit Union Selects Open Solutions for Enterprise-Wide Data Processing Platform

Canadian de novo credit union opts for state-of-the-art technology to service niche market

GLASTONBURY, CONNECTICUT--(Marketwire - July 16, 2008) - Toronto-based Creative Arts Savings & Credit Union announced it has selected Open Solutions Inc.®'s The Complete Credit Union Solution®, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets.

Creative Arts is a de novo credit union serving professional performers and entertainment freelancers. The credit union's focus is to provide financial peace of mind by meeting the unique financial services needs of this niche market. To do so, Creative Arts selected Open Solutions for its state-of-the-art, flexible core platform to respond to the complex needs of members. As the institution grows, the platform will provide the scalability to support its efforts to offer more products and services to its members.

"Open Solutions provides an extremely high level of support to the service offering," said Steve Mumford, CEO for Creative Arts. "There is constant evolution of the functionality and capabilities of the TCCUS system. The main point is that Open Solutions will educate us as to the system's capabilities and will ensure we are leveraging the system to our full advantage. Open Solutions has the flexibility to grow with us, which is important to us as a de novo credit union."

According to Blair Goulet, president of Open Solutions Canada, "For a de novo financial institution, agility and timing are critical to ensure necessary capital. Only then is member growth achieved. A new credit union needs to hit the ground running and requires technology that is open and adaptable to meet immediate needs and market changes that can happen on the fly and we provide the technology to help them in this endeavor."

"As a de novo institution, Creative Arts Savings & Credit Union is seeking to meet a need in the marketplace. As it grows and expands its membership, the technology infrastructure becomes a key factor to its success," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "Equally important is that its choice of technology must be flexible and able to scale and change with the times. Open Solutions has a strong commitment to providing flexible solutions for institutions of all charters and sizes. Our technology has been designed to meet particular information processing needs in a manner that is efficient, cost effective and gives our clients a competitive edge. Creative Arts Savings & Credit Union is the very first of its kind, and we look forward to helping them achieve their goals."

About Open Solutions Canada

Open Solutions Canada designs, builds, integrates and operates advanced banking and payment technologies for financial institutions, retailers, independent sales organizations (ISOs), third-party organizations and processing centers worldwide. Open Solutions Canada's Payment Solutions Group supports and markets state-of-the-art, industry-standard payment transaction processing solutions internationally. The Payment Solutions Group operates one of the largest ATM and POS payment switches in Canada. In addition, it directly supports more than 30 Canadian financial institutions through a network providing shared cash transaction processing, ATM monitoring and 7/24 support.

About Open Solutions

Open Solutions Inc. offers a fully featured strategic information management product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.

For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at

Open Solutions Inc. and The Complete Credit Union Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2008. Open Solutions Inc. All rights reserved.

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