Open Solutions, Glastonbury

Parsippany, N.J.-based Garden Savings Federal Credit Union, which has 15,000 members and more than $151 million in assets, has selected Open Solutions Inc.’s The Complete Credit Union Solution to address its core processing needs. Open Solutions is a provider of integrated enabling technologies for community financial institutions. Its relational data processing, open architecture and member-centric platform is designed to help credit unions offer efficiencies for both the front and back offices.

“Open Solutions is a leader in data processing technology,” said Nick Biason, chief financial officer of Garden Savings Federal Credit Union. “The Complete Credit Union Solution provides the open architecture and technology we were looking for to interface with multiple applications, thus giving us the ability to provide more advanced products and services to our members. We looked at several other companies, but they just didn’t have the breadth of products and services that Open Solutions could provide.”

Built on a single, centralized Oracle relational database, The Complete Credit Union Solution was architecturally designed to provide users with a fully featured strategic product platform integrated with core data processing technology. It creates the flexibility necessary for running an agile, member service-oriented institution.

“We believe The Complete Credit Union Solution’s advanced technology, service and business intelligence tools will give Garden Savings Federal Credit Union a competitive edge in today’s marketplace,” said Gary Daniel, senior vice president and general manager of Open Solutions’ Credit Union Group. “It should create opportunities for growth and provides long-term value as business environments change.”

The credit union will implement The Complete Credit Union Solution, as well as Open Solutions’ consumer loan and mortgage origination systems; eCommerce Banker Internet Banking suite; asset collections; item processing and document imaging systems; and Open Solutions’ full financial accounting system, which includes investment management, general ledger, accounts payable and fixed assets accounting applications.

“Open Solutions is proud to have been selected by Garden Savings Federal Credit Union as their technology partner,” said Open Solutions Chairman and Chief Executive Officer Louis Hernandez Jr. “Open Solutions is dedicated to providing our credit union clients with the resources they need to introduce new products to their members, measure profitability and make better management decisions. We believe that by selecting Open Solutions, Garden Savings has chosen to offer the most advanced functionality and technology available in the marketplace today and we are pleased to be playing such an important role in helping them meet and exceed its business goals.”

Foundation Taking Applications

The Savings Bank of Danbury Foundation is accepting applications for funding from 501(c)(3) nonprofit groups in the Greater Danbury and Greater Waterbury area. The foundation places particular focus on funding activities that support education, community and economic development, health and human services, and arts and culture.

Grants range from $2,500 to $10,000 and will be distributed in December. Applications are currently being accepted through Sept. 30 and may be obtained at the bank’s 220 Main St. office in Danbury, from its Web site at or by calling Beth Ann Fetzer at (203) 796-7514.