[June 20, 2005] Open Solutions Continues Innovation with Enhanced FTI Financial Accounting Suite; Web-Based .Net Technology Provides Upgrade to Long-Dormant Market Tweet GLASTONBURY, Conn. --(Business Wire)-- June 20, 2005 -- Open Solutions Inc. (NASDAQ: OPEN), a provider of integrated enabling technologies for community banks and credit unions across North America, announced the release of the latest version of its FTI Financial Technologies' Financial Accounting Suite. FTI is a strategic business unit of Open Solutions and provides financial accounting software for more than 600 financial institutions in the United States and abroad. The financial information management suite includes General Ledger, Accounts Payable and Fixed Assets applications. Long-term Open Solutions client, Winston-Salem, N.C.-based Piedmont Federal Savings and Loan Association, served as a beta test site for this new, innovative web-based .Net platform version of the product and has been running the system since first quarter 2005. "Open Solutions took a unique approach with testing the software," said Tim Brooker, accounting manager at Piedmont Federal. "They installed the initial technology, observed how we used it and the natural succession of workflow, and then modified the technology to reflect daily operations based on what they observed. The system is incredibly intuitive; it naturally takes information entered in one module and automatically populates that data in the appropriate places in the other modules. For instance, if we submitted an invoice for the purchase of computer equipment, the system prompts the user to note whether the purchase is a fixed asset. If it is, that one notation updates the fixed asset management module. Open Solutions did not just deliver a new technology; they looked at the way financial institutions do business and found a way to make that process more efficient and profitable." Open Solutions product managers, in close consultation with bank and credit union executives from its Client Association (user group), enhanced the FTI Financial Accounting Suite to streamline accounting operations and to help improve an institution's financial management capabilities. The suite is comprised of three modules: General Ledger, Accounts Payable and Fixed Assets. Each module can operate as a stand-alone product or together as an integrated suite. The suite is scalable to meet the needs of institutions of all sizes domestically and internationally with its multi-currency, multi-language capabilities. All modules access one database, therefore users only need to sign-on once, eliminating the need to have multiple passwords. Financial institutions have the ability to store extensive historical data, and the accounting functions easily tie into their core data processing system. "We believe this is the most significant financial accounting information management technology update the community financial industry has seen in more than 10 years," said Mike Nicastro, SVP, Marketing and Product Management. "With this latest version of the technology, we've insured full integration of general ledger, accounts payable and fixed assets management. The reporting structure has been optimized to give the institution a complete, real-time snapshot of its accounting operations. This platform integrates with other accounting and information management systems and is built upon a workflow strategy that mirrors daily operations in a financial institution. We further believe that with this new release we have the opportunity to change the competitive landscape in a segment of the market that has not seen innovation in quite some time." The General Ledger module has been optimized not only for comprehensive general ledger accounting and control, but also for management reporting along with the ability to manage fast throughput for processing even larger volumes of data. The Fixed Assets module gives financial managers tools to analyze and control the institution's fixed assets portfolio for advantageous tax planning, resource management and in-house control. The ability to create user-defined fields for assets and new options to automate set-up of new assets from the accounts payable module allow finance managers to capture more precise data and reflect it in reporting exercises. The system streamlines FASB compliance and tax reporting requirements, as well as automates forecasting and budgeting capabilities for depreciation and deferred liability. Invoice management and bill payment are automated in the Financial Accounting Suite's Accounts Payable module. It is designed to simplify payment processing yet retain management control. Cash or accrual-based accounting and journal entries that can be interfaced with the general ledger have also been enhanced in this module. Complete vendor information including open invoices, discounts, net due, a history of purchases and payments by month of the last year, and a history in summary for the past five years is maintained on the Accounts Payable module. About Open Solutions Inc. Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response, payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the United States and Canada 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 e-mail at [email protected], 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.(R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Safe Harbor Statement Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2005, as filed with the Securities and Exchange Commission. [ Back To TMCnet.com's Homepage ]