GLASTONBURY, Conn. — Open Solutions Inc. has released a new version of its flagship core processing platform.
DNA, the brand name, upgrades versions of the Complete Credit Union Solution and the Complete Banking Solution, adding new workflow, flexibility, navigation and productivity capabilities, the company said.
"This is not merely a makeover," said Louis Hernandez Jr., chairman and CEO of Open Solutions. "We leveraged our data model to improve an already robust solution to deliver an even more effective client-focused core platform for our clients and the industry."
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The launch of the DNA platforms followed two years of development that "heavily utilized human factors research and usability testing," the company said.
"Focus groups were held with clients as well as nonclients, and the product was independently tested with banking and credit union groups," said Michael Rawlins, director of Human Factors Engineering at Open Solutions (www.opensolutions.com).
"The DNA release of the Complete Banking Solution/the Complete Credit Union Solution contains many features Open Solutions' clients wanted, including redesigned screens, improved navigation and workflow," added Mike Nicastro, Open Solutions' senior vice president and chief marketing officer.
The company said more than 30 financial institutions are using the new system. It's intended to build on the success of the relational database core processing platform that helped Open Solutions gain its original market traction, traction that saw the company grow organically and through acquisition to be a provider of core processing and other integrated solutions to more than 5,800 credit unions and banks in the U.S. and abroad.
Credit union users of the new DNA platform include $166 million 1st Financial CU in St. Charles, Mo.; $87 million Spirit of Alaska FCU in Fairbanks; $573 million USA CU in Auburn Hills, Mich.; and $367 million Vermont State Employees CU in Montpelier.
"Because our location in Alaska is such a remote community, it was very important for us, as a credit union, to offer a feature-rich online banking system," said Mike Lombardino, president/CEO of Spirit of Alaska FCU.
"We needed up-to-date technology with e-teller and an open architecture data processor to carry us into the future. Our credit union has a great reputation for service, and we are now expanding to include business services," Lombardino said.
The new platform features a shared-application framework that leverages Microsoft .NET technology to provide one source code for such common functions as security, printing controls and single sign-on capability, as well as to take advantage of future advances, the company said.
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