Tags: andera, cmo, consumer behavior, credit unions, dramatic acceleration, financial institutions, funding solutions, goldwasser, industry adoption, innovator, international markets, jennifer jensen, kroll, new accounts, nicastro, open solutions inc, opensolutions, processing technologies, solutions partners, top priority,
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Marvin (Mickey) Goldwasser Andrew McCaskill
Open Solutions Inc. Media Contact for Open Solutions Inc.
860.652.3153 678.781.7210
mgoldwasser@opensolutions.com andrew@williammills.com
Jennifer Jensen Kroll
Andera, Inc.
401.621.7900 x.32
jkroll@andera.com
Open Solutions Partners with Andera to Offer Clients Online Account
Opening and Funding Solution
GLASTONBURY, Conn. and PROVIDENCE, R.I., July 24, 2008 Open Solutions Inc.®, an
industry-leading innovator and provider of integrated, enterprise-wide data processing
technologies for banks and credit unions throughout the United States, Canada and other
international markets, announced today that it has partnered with Andera to offer a fully-
integrated online account opening and funding technologies to Open Solutions' client base.
Andera is a leading provider of online account opening and funding solutions to the financial
services industry.
As consumer behavior trends move toward the online channel, the ability to instantly open and
fund new accounts electronically is increasingly becoming a top priority for U.S. financial
institutions, and Celent analysts forecast a dramatic acceleration in the pace of industry
adoption over the next three years.
"Online account opening is of great interest to many of our clients. And, as is customary for our
company, we want to offer our clients best-of-breed options that help them provide the products
and services their customers and members want," said Mike Nicastro, SVP and CMO from
Open Solutions. "By formalizing a partnership between our company and Andera, we are
excited to offer our clients another solution that addresses the growing demand in the
marketplace for online account opening and funding services."
Andera's solution features an 8-10 minute process in which consumers can apply for, be
approved for, open and fund multiple banking products in a single session. The solution
includes critical features such as electronic signatures, real-time core integration, integration
with a variety of third-party risk and data providers, intelligent cross-selling and funding via
ACH, credit card or debit card. More than 200 financial institutions have selected the Andera
platform including eight mutual clients with Open Solutions.
"Open Solutions is recognized as a leader within the industry and their clients are among the
most progressive and discerning financial institutions anywhere, with very high expectations for
their technology platforms when it comes to integration and user experience," said Charlie Kroll,
CEO of Andera. "Partnering with Open Solutions is a natural extension of our work with existing
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OPEN SOLUTIONS PARTNERS WITH ANDERA, 2
mutual clients, and we are very excited about the significant potential now that we've formalized
our relationship."
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, technology services, HSAs, payments and loan
origination solutions. Open Solutions' full suite of products and services allows banks, thrifts,
credit unions and financial services providers in the United States, Canada and internationally
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, visit opensolutions.com.
About Andera
Andera is the #1 provider of online account opening and funding technologies for retail financial
institutions, servicing over 200 progressive clients nationwide. Andera is headquartered in
Providence, R.I. and can be found on the Internet at www.andera.com.
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Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product
names may be trademarks of their respective owners.