Plansmith Corporation announces Open Solutions' adoption of new modeling system
SCHAUMBURG, Ill., Sept. 7, 2005 -- Plansmith Corporation, a provider of financial simulation modeling software, announced that Open Solutions Inc. (Nasdaq: OPEN), a provider of integrated enabling technologies for community financial institutions, has adopted Plansmith Corporation's asset liability management (ALM) software. Open Solutions is branding the product under the name Open Solutions ALM System and will begin offering its clients this new program in the third quarter.
"We evaluated a number of products in the marketplace and identified Plansmith as having a fully functional capability that met our needs as well as the requirements of numerous community financial institutions throughout the industry," stated Michael Nicastro, SVP, Marketing and Product Management, at Open Solutions.
Nicastro continued, "Our clients will enjoy the intuitive look of the product, the on-the-fly analytical capabilities, and the robust budgeting and forecasting tools. This will allow them to manage their interest rate risk and budget activities more easily and efficiently than before. The Open Solutions ALM System is also fully integrated with our financial accounting suite, comprised of general ledger, accounts payable and fixed assets modules. True to our mission, we are always looking to offer our clients superior products and services."
The Open Solutions ALM System is fully compliant with regulatory requirements and provides financial professionals the ability to instantly perform group analysis of information with its dynamic tools. The system includes information pertinent to CEOs and board members, as well as an institution's accounting and finance professionals.
"Open Solutions' dedication to providing its clients with quality industry-focused solutions and service truly make it one of the premiere providers in the industry," said Craig Hartman, President and CEO of Plansmith. "We're pleased that Open Solutions has chosen to adopt our product and we're looking forward to kicking off this initiative."
For more information about Plansmith Corporation, call 1-800-323-3281 or visit http://www.plansmith.com .
About Plansmith Corporation
Since 1972, Plansmith Corporation ( http://www.plansmith.com ) has been demonstrating leadership in the financial simulation modeling industry. Plansmith's applications offer objectivity, creativity and experience to support clients' efforts in meeting competitive challenges. It develops computer software to perform financial analyses that foster communication and support planning activities in financial institutions.
Its flagship product, Compass, is an interactive tool that allows clients to learn from the past, understand the present and anticipate the future by maintaining extensive databases that identify strengths and weaknesses. The software can generate immediate "what if" feedback. A unique component of Compass is its exclusive Bank Executive Brief that is beneficial for board meetings and other executive needs because it improves communication and understanding. Through the Internet and in just seconds, users can point and click to view important details and analyses for any area of the financial statements, past, present and future. Color-coded arrows, trend graphs and flow charts help visualize performance opportunities as well as problem areas. This at-a-glance position and trend approach is critical to better understanding.
The Schaumburg, Ill.-based company's highly participative approach in the installation process ensures a successful implementation of its software applications.
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, electronic image/item processing, 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 firstname.lastname@example.org, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at http://www.opensolutions.com .