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FOR IMMEDIATE RELEASE

Contact:  Deborah (Deb) Katz
Open Solutions Inc.
860.815-5385
deb.katz@opensolutions.com

Open Solutions and BANKDetect/CU-Detect Extend Partnership Agreement

— Financial institutions gain access to advanced fraud and

anti-money laundering solutions —

 

Glastonbury, Conn., Feb. 2, 2010Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets, and BANKDetect/CU-Detect, a knowledge-based technology company that focuses on loss prevention and compliance for financial industries, announced they have expanded their eight-year referral relationship into a more comprehensive reseller agreement that will provide Open Solutions’ banking and credit union clients with additional access to BANKDetect/CU-Detect’s robust collection of fraud, abuse and BSA compliance solutions.

The new agreement means Open Solutions will now offer BANKDetect/CU-Detect products including new account, Office of Foreign Assets Control (OFAC) and other identity-screening services that will provide options for basic to advanced identity analysis and monitoring; account risk management solutions that produce and maintain risk profiles for both fraud prevention and compliance; and account activity analysis solutions for risk detection, fraud prevention, anti-money laundering and identification theft compliance.

“With this agreement, Open Solutions can now offer our clients a full spectrum of fraud prevention and risk compliance solutions, and our clients can now opt for these solutions to be core platform-supported,” said David Mitchell, Open Solutions’ senior vice president and chief marketing officer. “We’re very confident in the BANKDetect and CU-Detect products and staff, who have many years of intelligence and law enforcement experience, both with domestic and foreign military and government agencies. They’re not only knowledgeable — they also provide exceptional customer service.”

Bob Cofod, president and founder of BANKDetect/CU-Detect said, “We are very pleased to have a closer relationship with Open Solutions and believe this is the basis for significantly improving the fraud prevention and compliance services available to Open Solutions clients. In particular, the ability to integrate our services with core processes is a major benefit to Open Solutions customers and provides the opportunity for seamless prevention and compliance processes from account opening to daily activity monitoring.”


About BANKDetect/CU-Detect

BANKDetect/CU-Detect, a division of FRAUDetect, LLC, is a privately held knowledge-based technology company based in Churchton, Md., just outside of Annapolis, Md. The company focuses solely on fraud and abuse prevention for the financial industry and develops and operates analytical systems using more than 30 years of experience drawn from the U.S. national and defense intelligence communities.

Fighting fraud and supporting the nation's goals for homeland security are considered by BANKDetect/CU-Detect to be serious endeavors and embrace deeper responsibilities than are found in many ventures. Fraud is a significant cost to society. Without viable means to stem its growth, the problem will continue to increase. Both money laundering and terrorism financing can involve even greater costs to the economy and to the security of the population. BANKDetect/CU-Detect's purpose is to continually improve the methods for detecting and preventing successful fraud and abuse. Consequently, BANKDetect/CU-Detect is guided by certain principles that help to assure our commitment to meeting those responsibilities. The principles we apply to ourselves as individuals and as a company are: Knowledge; Service; Quality; and, Morality.

            For more information, contact BANKDetect/CU-Detect at 5419 Deale Churchton Road, #205, Churchton, Md., 20733-2404; call 410-867-8217 or visit the company’s Web sites at www.bankdetect.com and www.CU-Detect.com.

 

About Open Solutions Inc.

Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core 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 about Open Solutions, visit Open Solutions at www.opensolutions.com.

Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2010 Open Solutions Inc. All rights reserved.

 

Editor’s Note:  The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.

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