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Open Solutions' Innovative Debit Card Program Receives Prestigious Industry Award
GLASTONBURY, Conn. --(Business Wire)-- Open Solutions Inc.(R), a provider of integrated enabling technologies for financial service providers throughout the United States, Canada and international markets, was awarded "Best in Category" during the 2008 Prepaid Card and CDHC Conference in Las Vegas. The company's Asset Retention Solutions (ARS) debit card program was recognized in the Best Claim Card Program category. Paybefore, the leading provider of information to the prepaid and stored value card industry, presented the awards.
According to Paybefore, the award identifies the prepaid and stored value card industry's superior products, services and programs. Additionally, Paybefore Awards recognize those solutions that demonstrate innovation, thought leadership and contribution to the industry.
"Open Solutions is enabling a Customer Asset Account (CAA) to have the functionality of a checking account. We have a Web site that the accountholder can visit to check their statement and balance. And they can use the debit card with ease to make payments without closing the account," said Chris Jackson, vice president of Product and New Business Development, Corporate Financial Solutions for Open Solutions.
Open Solutions' award-winning CAA debit card solution enables insurers to provide claimants full and immediate access to funds generated by a claim payment, while gaining the advantages of an interest bearing account. With all the conveniences of a debit card and/or check, claimants gain the ability to manage funds online and via a live call center. The average account balance is $50,000 with a range from $5,000 to several million.
In addition to the convenience and sophisticated functionality, Open Solutions' ARS retention program was recognized for its recent achievements including processing more than 400,000 claims annually, working with more than 100 clients and reporting more than $9 billion in assets.
Rob Pinataro, vice president, CFS and IPTG Operations for Open Solutions, said, "We are dedicated to helping our clients leverage CAA accounts across all of their distribution channels. The award is industry recognition that Open Solutions' tradition of innovation has applicability across the financial services spectrum from banks and credit unions to insurers and others. The adaptation of the debit card, a banking technology, to the insurance market demonstrates the value to insurers of having a technology and service partner with broad capabilities."
Pinataro concluded, "Open Solutions has a long history of listening to clients to identify development priorities and of investing for the benefit of its clients. We promised our clients that we would deliver a debit card capability and we delivered."
About Corporate Financial Solutions (CFS)
Corporations wanting to raise additional capital, enter emerging markets, and streamline inefficient financial processes look to Open Solutions for creative and customized solutions. Our Corporate Financial Services division is divided into three business areas: Healthcare Banking Solutions; Asset Retention Solutions; and Corporate Banking Solutions. Open Solutions leverages its ABA-endorsed in-house and outsourced banking platform and imaging suite combined with its longstanding industry experience to provide innovative account processing and customer care services that support Health Savings Accounts (HSAs), Customer Access Accounts (CAAs) for insurance companies, Corporate Money Management Accounts (CMMAs), and diverse other initiatives requiring banking capabilities. Open Solutions' high-demand banking services are complemented by marketing, management, call center and regulatory services to help corporations increase efficiency and cost savings, reduce risk and protect company assets.
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core data processing applications built on a single, centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions.
Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers throughout the world to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
Open Solutions Inc is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2008. Open Solutions Inc. All rights reserved.
Editor's Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.
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