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FOR IMMEDIATE RELEASE
Contact: Deborah (Deb)
Katz
Open
Solutions Inc.
860.815-5385
deb.katz@opensolutions.com
Open Solutions and ISS Informant Announce Alliance
Partnership
to Provide Fraud Detection Services
Glastonbury,
Conn., Jan. 26, 2010 – Open Solutions Inc.®,
a leading provider of integrated enabling technologies for financial
services providers throughout the United States, Canada and other
international markets, has signed a strategic partnership agreement with
Richardson, Texas-based Innovative Support Solutions (ISS), by which ISS
will supply its Informant fraud detection solution to Open Solutions’
core clients. The two companies have completed a commercialization
process that enabled seamless integration of Informant with Open
Solutions’ premier core platform, known as DNA.
The
ISS Informant product is a comprehensive suite of flexible and highly
customizable components. These components are specialized for real-time
monitoring of security and risk management solutions for financial
institutions and their clients. Informant components monitor and report
on areas of government regulation and compliance, database system
intrusion, internal audit policies and transaction based fraud across all
member accounts. Every component is customizable to the specific
requirements of the financial institution and is kept current with
developing trends in fraud and identity theft.
Said
Eric Anderson, Open Solutions’ vice president of Strategic Alliances,
“We’re very pleased to have formed this strategic alliance with ISS and
to be able to offer Informant as a DNA-integrated solution. It’s an
excellent solution that offers around-the-clock protection against
fraudulent transactions, and knowing it’s been through a rigorous
commercialization process with DNA will provide our clients with even
more peace of mind.”
“Open
Solutions has a reputation for innovative technology and we’re happy they
recognized the innovation at work in Informant,” said Ray Seefeldt,
president of ISS. “Both companies — and our clients — will benefit from
the alliance, and that’s more important than ever. Gartner Group
estimates that fraud losses represent roughly seven percent of a
financial services institution’s gross revenue. This amount and the
instances of financial fraud continue to rise more than 10 percent
annually. Transaction analysis, in real-time, is a key component in
reducing fraud.”
About
Innovative Support Solutions (ISS)
Innovative Support Solutions (ISS) is a
tactical services credit union service organization (CUSO) fully owned by
Texans Credit Union. ISS provides risk management and fraud protection,
operations and consulting services to financial services and related
industries.
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.
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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Copyright ©2010 Open Solutions Inc. All rights
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