OSI Launches Canadian Version of Core Platform

GLASTONBURY, Conn. – Re-engineering functionality for retirement accounts, loan and mortgage processing and regulatory requirements was the focus for Open Solutions Inc. as it prepared to launch a Canadian version of its core processing platform for credit unions. The product is now in the marketplace with Community Credit Union signed on as OSI’s first new client, the company says. OSI began its move into Canada last year with the purchase of Datawest Solutions, now Open Solutions Canada. “Open Solutions set out to ‘Canadianize’ its technology solution for this market,” said Open Solutions Canada President Blair Goulet. “We believe we’re taking a leadership role to accelerate the move toward open architecture technologies at financial institutions in Canada and abroad.” Development work on The Complete Credit Union Solution platform included screens, data tables, processes and reports. Product management also added augmented authorized overdraft processing, interest calculations and accrual methods, and penalty processing, the company says. Tax and other withholding and reporting requirements also were incorporated. OSI also recently signed a letter of intent for a 10-year reseller and maintenance agreement with Celero Solutions, a provider of hosted core processing and other technology and business solutions to more than 150 credit unions across western Canada.