Open Solutions Inc.

Open Solutions Inc.

October 06, 2005 16:29 ET

Open Solutions Canada Upgrades Transaction Switching Services for Canadian Financial Institutions; Migration Enhances Core POSH Product Services

GLASTONBURY, CONNECTICUT--(CCNMatthews - Oct. 6, 2005) - Open Solutions Canada, a strategic business unit of Open Solutions Inc. (NASDAQ:OPEN), announced a major upgrade to the provision of ATM and other financial transaction switching services for Canadian financial institutions. Central to the initiative is the transition from an existing legacy switch that provides processing for Western Canadian credit unions to an enhanced version of the POSH switching application. Created and supported by the Payment Solutions Group at Open Solutions Canada, the POSH suite of switching products is sold internationally and also operates a large transaction switching operation in Canada. Open Solutions is a provider of integrated enabling technologies for community banks and credit unions across North America.

"We are delighted to introduce a fresh approach to this key element of multi-channel integration and to continue providing a full suite of banking services to our Canadian clients," said Blair Goulet, president of Open Solutions Canada. "We believe that moving to this enhanced POSH system will offer our clients new optional functions and services such as IP and wireless connectivity and point-of-sale (POS) acquiring, including our new merchant credit services, while continuing to support all existing functionality and business processes such as ethnic language screen displays, mini statement printing and integrated bill payment at the ATM."

Payment Solutions Group General Manager Mike Kelso said, "Over the last 20 years, POSH has built a strong client following among major financial institutions and international switches. We see the expanded functionality of the POSH switch as a potential benefit to all clients."

The latest version of the POSH switch will include the provision of Issuer services, including stand-in processing, full-function ATM support, and increased connections to third-party host systems and nodes.

Transaction switching services will operate on the POSH suite of switching products at the POSHnet operations centre in Oakville, Ontario Canada. Currently driving a combined total of more than 19,000 ATM and POS devices, POSHnet runs Canada's largest ATM network and one of that country's largest off-premises POS networks.

At the core of the POSH suite, the POSH switch provides full-function transaction services to major financial institutions worldwide, with recent clients including financial institutions in the Caribbean, Middle East and Far East. Based on a Windows® platform, POSH is a scalable, high-integrity system that drives all ATM models and supports most POS devices. Complementing the POSH transaction processing system is the ConCentre application monitoring system featuring behavioural pattern detection and the POSHweb Web-based information service, which provides information such as cash position, alert history and recent transactions.

About Open Solutions Inc.

Open Solutions Inc. offers a fully featured strategic 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 tools, electronic image/item processing, Check 21, interactive voice response and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions in the United States and Canada 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, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at

Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2005 Open Solutions Inc. All rights reserved.

Safe Harbor Statement

Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended June 30, 2005, as filed with the Securities and Exchange Commission.

Copyright (C)2005 Open Solutions Inc. All rights reserved.

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