Open Solutions Inc., Glastonbury
Glastonbury-based Open Solutions Inc. (OSI), a provider of integrated enabling technologies for financial institutions, has announced the availability of the Canadian version of The Complete Credit Union Solution, Open Solutions’ relational core data processing system for credit unions.
Open Solutions entered the Canadian marketplace with the acquisition of the former Datawest Solutions(Open Solutions Canada) in 2004 and has shown progress and acceptance in the Canadian marketplace with the signing of Community Credit Union as its first new Canadian client.
“Much of the functionality our Canadian clients required was already in the core product,” said Mike Nicastro, Open Solutions senior vice president of marketing and product management. “We believe this product is integral to enabling Canadian clients to compete effectively in a rapidly changing financial services marketplace. In addition to product support and integrated retail delivery, Open Solutions Canada clients can expect a product design and powerful Oracle relational database that provides an open, flexible and scalable platform. They will also benefit from a 360-degree view of their members that includes a relationship-based central information file and Customer Relationship Management capabilities; relational pricing; marketing-focused processes; and data mining.”
COCC Pairs With Primary
Avon-based COCC, a leading provider of next-generation technology services for financial institutions, has selected the Early Warning Deposit Risk Service from Primary Payments Systems Inc., an affiliate of First Data Corp., to enhance its Sentry Services, a comprehensive suite of services that assist financial institutions in managing a broad range of risks.
Officials said the real-time Deposit Risk Service will provide COCC’s core processing customers with a powerful deposit fraud tool that establishes an initial line of defense at the teller window while helping to simplify cash-back decisions.
A recent study conducted by the American Bankers Association indicates a need for community banks and credit unions to be vigilant regarding all types of fraud, particularly check fraud. In the ABA Deposit Account Fraud Survey Report, respondents from financial institutions with less than $50 billion in assets ranked check fraud as the top threat against their institutions. COCC officials said they are determined to meet the challenges to the company’s customers posed by that trend.
“Fraud travels down the path of least resistance, which is why we want our customers to have the best fraud prevention services available. By adding the Early Warning Deposit Risk Service to our lineup of Sentry Services, we are providing access to a proven fraud risk tool that is already providing dramatic results,” said Wendy DeMore, first vice president of product management for COCC.
HarborOne Credit Union, a COCC client, has been using the Deposit Risk Service to detect high-risk deposits for more than a year. In the past 12 months, the service has warned HarborOne about $2.2 million in potentially fraudulent checks. “We are extremely happy with the loss avoidance that the Deposit Risk Service provides,” said Carrie O’Halloran, HarborOne vice president/regional manager. “The service is extremely easy to set up and use, allowing us to deploy a Deposit Risk check reader in each of our 11 branches.”
Designed to help quick and informed decisions be made at the teller window, the Deposit Risk Service is an easy-to-use fraud prevention tool. By simply swiping a check through the Deposit Risk Service check reader, high-risk warnings are delivered directly to the teller within seconds. Those warnings improve teller decisions on check cashing and hold placement, preventing cash-back losses and helping the institution maintain its reputation for reliable customer service.
