NEW YORK, Oct. 6 /PRNewswire/ -- BISYS, a leading provider of business
process outsourcing solutions for the financial services sector, and Open
Solutions Inc., a provider of integrated enabling technologies for community
banks and credit unions, today announced that they have expanded their
strategic alliance. Under the terms of the agreement, BISYS will become the
only national outsourcing provider of Open Solutions' The Complete Banking
Solution(R) (TCBS), a relational core data processing system for banks and
thrifts, which BISYS resells under the private label of TotalCS(TM). In
addition, Open Solutions will become the exclusive provider of complementary
products and services for BISYS' TotalCS offering. These products and services
-- financial accounting tools, loan origination, safe deposit box, premium
overdraft, CRM/business intelligence, and cash management -- have been
designed to integrate and leverage the power of the relational TCBS/TotalCS
system architecture.
The expanded alliance, which represents a significant economic commitment
for both parties to sell Open Solutions' product offering, will allow both
organizations to better address the growing demand in the marketplace for this
technology and service offering. The relationship enables Open Solutions to
focus on in-house sales efforts to banks, thrifts, and credit unions, while
maintaining its outsourcing centers for existing bank and thrift clients and
pursuing outsourced sales in the credit union market. BISYS will remain
focused on outsourced sales efforts, offering the expanded TotalCS solution,
as well as TotalPlus(R), its mainframe-based solution.
TCBS/TotalCS is an open architecture, Oracle(R)-based, real-time
relational database enterprise application that is designed to support a
financial institution's core data processing requirements. Features include
deposit and loan processing, teller and platform automation, electronic forms,
investor reporting, marketing-focused CIF, data mining and relational pricing.
The BISYS and Open Solutions relationship dates back to 1997 when BISYS
first partnered with Open Solutions to offer TCBS as an outsourced data
processing alternative.
Bill Neville, president of BISYS Information Services commented on the
expanded alliance, "As a provider of outsourced information processing
services to community banks of all sizes and charters, BISYS is committed to
partnering with other industry-leading providers so that we can offer our
clients the most progressive, cost-effective technology solutions in the
banking market. We believe Open Solutions is a leading developer of relational
core processing systems. With this new agreement, BISYS is positioned for
greater market penetration of its TotalCS solution and expanded sales of high-
demand ancillary products and services to existing and prospective TotalCS
clients. A strong partnership just got stronger, and we anticipate benefits
for both companies."
According to Louis Hernandez, Jr., Open Solutions' chairman and CEO, "We
pride ourselves in our ability to partner with the best companies in the
industry. BISYS, like Open Solutions, has an outstanding reputation for
superior service and product initiatives. We share many of the same values and
business philosophies in how we approach the marketplace. This expanded
relationship will allow Open Solutions to accelerate our market penetration in
the banking arena for outsourcing services throughout the United States. BISYS
is a great partner to work with and we look forward to taking this strategic
alliance to the next level."
About Open Solutions
Open Solutions Inc. offers an enterprise-wide suite of software and
services that integrates core data processing applications, built on a single
centralized Oracle relational database, with Internet banking, financial
accounting, cash management, CRM/business intelligence, imaging and loan
origination solutions. Open Solutions' full suite of technology products and
services is designed to allow banks, thrifts and credit unions to better
compete in today's aggressive financial services marketplace, 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 at 860.652.3153, via fax at 860.652.3156, or e-mail
mgoldwasser@opensolutions.com. Visit Open Solutions' Internet site at
http://www.opensolutions.com.
About BISYS Banking Solutions
BISYS provides one of the most comprehensive information processing
solutions, integrating core banking applications with more than 70 best-of-
breed ancillary products. BISYS' bank-wide automation supports commercial and
retail banking, electronic and Internet-based transactions, branch services,
customer relationship management, data warehousing, executive decision-
support, and imaging. BISYS continually enhances the functionality of its
banking solution by integrating new ancillary products and advancing
technologies. The American Bankers Association (ABA), through its Corporation
for American Banking (CAB) subsidiary, exclusively endorses BISYS' core
information processing solution as the recommended solution for community
banks.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 370 clients,
representing approximately 2,100 mutual funds, hedge funds, private equity
funds, and other alternative investment products with more than $650 billion
in assets under administration. BISYS' largest group also provides retirement
services to more than 17,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive intelligence through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance and Education Services
group, BISYS is the nation's largest independent distributor of life insurance
and the premier provider of the support services required to sell traditional
and variable life, long-term care, disability, and annuity products. BISYS is
also the nation's third largest independent wholesale broker of commercial
property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with more than 215
certification and continuing education training courses, and a sophisticated
suite of products and services that automates the entire licensing
process. BISYS' Information Services group supports approximately 1,450
banks, insurance companies, and corporations with industry-leading information
processing and imaging solutions, turnkey asset retention solutions, and
specialized corporate banking solutions. Additional information is available
at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Bill Neville, President, BISYS Information
Services Group, +1-781-829-8050, bill.neville@bisys.com; or
Marvin (Mickey) Goldwasser, Open Solutions Inc., +1-860-652-3153,
mgoldwasser@opensolutions.com
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