Open Solutions Inc. has launched a new online banking platform the company said is tightly integrated with its flagship DNA core processing platform and offers updated Web features.
The Glastonbury, Conn., company also said that one of its clients, the $3 billion Redstone FCU in Huntsville, Ala., has now recorded more than 140 sales on the company's DNAappstore, where credit union and bank clients can post applications they've created and sell them to their peers.
The new DNAweb platform was built using “extensive Human Factors engineering practices to drastically improve the user experience,” the company said.
Features include a bill pay module, built in personal financial management tools, flexible inter-bank transfer capabilities and real-time remote deposit capture, the company said. Business-friendly enhancements include cash management and automated transfer and wire functions, pay roll deposits and recurring tax payments.
The $1.2 billion Stanford FCU in Palo Alto, Calif., is deploying DNAweb as part of its conversion to the DNA core platform.
“The best practices that we gain will allow us to better serve our community, become more relevant to the market and help support our growth, allowing us to ultimately take our business to the next level,” said Jim Phillips, senior vice president and chief information officer at Stanford FCU, which lays claim to being perhaps the first financial institution to offer online banking, launching it in 1994.
Meanwhile, Redstone FCU said it's already generating some income from the applications it's posted on the DNAappstore, which launched earlier this year.
The applications are created in-house using Open Solutions' DNAcreator tools.
“Not only are we building solutions for Redstone, we are selling our DNAappstore applications to other financial institutions,” said Harry Gunsallus, Redstone senior vice president. “For the first time ever, the IT department can be a revenue generator instead of just a cost center. And, having sold over 140 licensed apps, we have a proven business model here.”
He said more than half of the sales have been to community banks.
“Our most popular DNAapp was designed to reduce the amount of time required to research Overdraft questions from 20 minutes to five minutes,” said Brad Donham, manager of the software development team at Redstone. “The DNAappstore has really changed the way our developers think about creating software at the credit union.”
The DNAappstore launched May 2, and has grown to include 95 DNAapps with 41 institutions registered as certified DNAapp developers, and the online platform has seen visitors from 38 countries, the company said.
Open Solutions currently has more than 450 credit unions as core processing clients.
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