AllSouth Federal Credit Union Selects Open Solutions' Core Processing

    Business Editors

    GLASTONBURY, Conn.--(BUSINESS WIRE)--Jan. 20, 2005--AllSouth Federal Credit Union has selected Open Solutions Inc.(R)'s (NASDAQ:OPEN) The Complete Credit Union Solution(R) (TCCUS), a relational core data processing platform for credit unions, to address its enterprise wide data processing needs. With $352 million in assets and more than 89,000 members, AllSouth selected Open Solutions after an extensive review of core technology providers.
    "We wanted a modern, flexible technology platform that would put us on the same operational level as our competitors," said AllSouth President and CEO William (Bill) Koehler. "The solutions we reviewed from other vendors just were not flexible enough and as architecturally sound as The Complete Credit Union Solution. We did not want to be encumbered by hardware constraints or a vendor's inability to integrate with differing technology applications. In addition to having the best fit for core processing, the suite of ancillary products from Open Solutions was also very attractive. Throughout the selection process, Open Solutions emerged as a true partner, and that was important as we look toward long term growth and the coming competitive landscape."
    AllSouth also selected Open Solutions' Asset/Liability Management and Financial Planning products, as well as the Accounts Payable and General Ledger suite, Interactive Voice Response, Consumer and Mortgage lending, Investor Reporting and the Report Wizard and Dynamic Messaging (CRM/business intelligence) applications.
    Koehler said, "We looked at specific areas of the credit union, whether it was member access points or our ability to complete investor reporting, and we were able to identify a complementing Open Solutions application that bolstered our operational efficiency or access to information. Knowing more about our members has historically aided in our ability to give them better service. The technology offering from Open Solutions was built on that premise as well."
    According to Open Solutions product managers, relational database technology helps credit unions understand and improve relationships with members. By offering access to detailed data, the technology gives our credit union's staff a complete picture of each member's relationships with the institution. TCCUS is designed to mirror the way a credit union does business and to easily accommodate any changes, internally or externally, that arise in the future.
    Senior Vice President and General Manager of Open Solutions' Credit Union Group Gary Daniel said, "Credit unions need technology applications that offer efficient, scalable processing; easily-accessed, relevant member information and the ability to offer members more competitive products and services. For more than a decade, Open Solutions has been meeting those needs. TCCUS delivers long-term value through increased functionality and flexibility. With Open Solutions at the core, AllSouth is the benefactor of many new opportunities for growth, streamlined operations and tools to assess its financial position in real-time."
    Louis Hernandez, Jr., Open Solutions Chairman and CEO, said, "Member satisfaction is a cornerstone of the mission at AllSouth, and we believe better technology solutions will bolster their stellar staff in progressing that mission. Open Solutions is proud to have been selected by the AllSouth Federal Credit Union as their technology platform of choice. We are committed to providing each of our client institutions with the tools to maximize core competencies and accelerate their business strategies. We look forward to our role in AllSouth's growth."

    About AllSouth Federal Credit Union

    AllSouth Federal Credit Union is a $352 million financial institution serving more than 89,000 members worldwide. As stated in our mission, "AllSouth Federal Credit Union is committed to a philosophy of 'people helping people' by providing quality service, as a primary financial institution that assists its members in meeting their financial goals."
    As a federally-chartered credit union, AllSouth Federal Credit Union was organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. The NCUA insures each member savings account for $100,000.

    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 email at mgoldwasser@opensolutions.com, 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 Banking Solution(R) are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2005 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 September 30, 2004, as filed with the Securities and Exchange Commission.

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CONTACT: Open Solutions Inc., Glastonbury Marvin (Mickey) Goldwasser, 860/652-3153 mgoldwasser@opensolutions.com or Media Contact for Open Solutions Inc. Andrew McCaskill, 678/781-7210

KEYWORD: CONNECTICUT INDUSTRY KEYWORD: BANKING SOFTWARE MARKETING AGREEMENTS SOURCE: Open Solutions Inc.

Copyright Business Wire 2005