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Hawaii Impulse Systems Selects Open Solutions For CUSO's Data Processing Needs; CUSO Gains Flexibility and More Processing Power for Its Credit Union Clients GLASTONBURY, Conn. --(Business Wire)-- Sept. 9, 2004 -- Open Solutions Inc. (NASDAQ:OPEN), a provider of integrated enabling technologies for financial institutions, announced that Hawaii Impulse Systems, Inc. (HIS), a CUSO for credit unions throughout the State of Hawaii, has selected Open Solutions' The Complete Credit Union Solution(R) (TCCUS) to handle data processing for its organization. HIS will offer the processing capabilities to its clients via its data center.Hawaii Impulse Systems currently serves 41 credit unions which represents more than one-third of the credit unions in Hawaii. In searching for a data processing platform, one of the CUSO's main objectives was to adopt a solution that could support the increasing needs of its growing credit union base well into the future. The CUSO chose Open Solutions' relational enterprise core processing product suite for its flexible structure and enhanced operational efficiency. "We believe that Open Solutions' TCCUS is an unparalleled, forward-looking system," said Gerald Takase, President of Hawaii Impulse Systems. "I have watched processors come and go, but Open Solutions has a proven track record in the credit union industry. The open architecture of TCCUS will accommodate our credit unions' continued growth without the fears of complications and obsolescence that accompany a legacy system. Openness maximizes our benefit to our current credit union members, but it also puts us in a better position to attract new members." In addition to the core processing platform, Hawaii Impulse Systems will implement several other products from the Open Solutions suite of technology applications. Those include Open Solutions' ATM/debit card management, the cView CRM solution's Dynamic Messaging, collections processing, VRU interactive voice response, mortgage origination, FTI Financial Accounting applications, imagic Cold Imaging and imagic Document Imaging. HIS currently plans to have all 41 credit unions operating on Open Solutions' technology by the end of 2005. Takase says the value of Open Solutions' technology products and services will help credit unions gain a competitive advantage in the financial marketplace. "With previous providers we were required to spend a lot of money on application-specific hardware and middleware to link disparate data. With Open Solutions we gain the ability to work with multiple third party hardware and software providers. By employing a flexible, open technology platform, we spend less money and gain more processing power for internal use and for our member credit unions." Hawaii Impulse Systems' largest customer, Hickam Federal Credit Union, will be the first to implement TCCUS. Established in 1935, Hickam Federal Credit Union has four branches, 40,000 members and $430 million in assets, making it the third largest credit union in Hawaii. Hickam's management team felt the Open Solutions platform, as offered by HIS, was the perfect opportunity to convert the credit union's operations to a more flexible open environment. The institution reviewed more than 12 other vendors before making its selection. "Open Solutions' flexibility made TCCUS our system of choice," said Gerard Auyong, President of Hickam Federal Credit Union. "I am confident that the company's relational platform and complementing solutions will meet our processing needs for the future. HIS is a valued partner, and the addition of the Open Solutions platform's many benefits only strengthens that partnership with our CUSO." Louis Hernandez, Jr., Open Solutions Chairman and CEO, said, "We believe that our solutions offer our clients choice and flexibility. Solutions that are designed to enable our clients to expand and grow and better serve the needs of the market. Given HIS's success in the market and propensity for growth, we look forward to a long term relationship serving Hawaii Impulse Systems' leadership and the current and future credit unions they will serve." Open Solutions continues to win credit union clients and works with credit unions ranging from 2,000 to 400,000 members. Open Solutions is committed to meeting the technological and support needs of the entire credit union marketplace with focused and innovative solutions designed to help them compete more effectively and better serve their members. About Hickam Federal Credit Union Hickam Federal Credit Union is a community credit union, owned and operated by its members, serving the Ewa District on the island of Oahu. Anyone who lives, works, worships, or attends school within the Ewa District is eligible to join Hickam Federal Credit Union. Immediate family members of any eligible person are also eligible to join the credit union. About Hawaii Impulse Systems Hawaii Impulse Systems (HIS), Inc., is a full service information technology company for credit unions. HIS was formed in 1975 to provide integrated data processing / information technology services for credit unions throughout the State of Hawaii. Since then, the company has serviced more than 40 credit unions by providing information technology support and data center processing. They provide online, real-time front office and back-office processing. 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 and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions 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 [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) and The Complete Credit Union Solution(R) are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2004 Open Solutions Inc. All rights reserved. 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 June 30, 2004, as filed with the Securities and Exchange Commission. |
