Open Solutions Inc., a leading provider of integrated enabling technologies for financial service providers throughout the United States, Canada and other international markets, announced today that Stanford Federal Credit Union has selected Open Solutions’ DNA™, an enterprise-wide, relational core platform, for its processing needs.
Founded in 1959, Stanford FCU was the first financial institution to offer online banking and today, 98% of all its member transactions take place electronically or remotely. Stanford FCU has $1.2 billion in assets and serves over 47,000 members across 102 countries through its four branches and electronic channels. This full service financial institution serves the faculty, staff, students, alumni, and volunteers of Stanford University as well as over 100 local companies that are part of the Stanford community, including some of the world’s leading technology companies.
Since 1999, Stanford FCU has operated the Open Solutions Wealthview Banking System as an on-premise solution to process its complete line of deposit and transaction accounts, including IRAs, certificates, money management accounts, and HSAs. Well respected in the financial services industry for its pioneering embrace of new technology, Stanford FCU is upgrading to Open Solutions’ premier core solution, DNA. Using .NET technology, DNA employs a unique universal data model and member-centric design to greatly enhance workflow, flexibility and productivity. The system is built on a powerful, centralized Oracle™ relational database that allows service-oriented financial institutions to easily customize and enhance the system with products from Open Solutions, third-parties, in-house developers, and DNAapps available through DNAcreator and the DNAappstore. Deployable either on-premise or on-demand, DNA helps financial institutions streamline both front and back office processes for a centralized view of customers, employees and business partners.
In addition to DNA, Stanford FCU selected several other cutting-edge Open Solutions products, including DNAvoice, DNAmobile, DNAweb and a number of tools from the Document Management, Financial Solutions, Channel Optimization, and BI & Marketing product families. Stanford FCU will also implement the Automation Platform from Open Solutions alliance partner UC4. All solutions, including DNA, are to be implemented on-premise.
“Our technologically savvy members expect innovation and cutting-edge technology, which led us to choose Open Solutions,” stated Jim Phillips, SVP/CIO, Stanford FCU. “The best practices that we gain from this upgrade will allow us to better serve our community, become more relevant to the market, and help support our growth, allowing us to ultimately take our business to the next level.”
Stanford FCU chose Open Solutions for the company’s innovative use of technology and its proven, enterprise-wide solutions that take a holistic view of an institution’s needs and members. This new platform updates the credit union’s existing technology, helping it prepare for future growth by enabling greater internal focus on modernization rather than on maintaining legacy systems. The credit union’s need to increase efficiency and do more with less is aided by Open’s forward-looking product platform, enabling Stanford FCU to leverage industry best practices right out of the box. Furthermore, by using the DNA platform, Stanford FCU will have access to the ever expanding array of DNAapps that are only available to DNA users.
“As the first institution to offer online banking, Stanford FCU has a proud history of employing cutting-edge technology to serve its community,” stated Louis Hernandez, Jr., chairman and CEO of Open Solutions. “Stanford FCU is not only a technology pioneer, but it is also a very well-respected institution. As our client community continues to grow, Stanford FCU has the ability to extend its innovative heritage by collaborating with other banks and credit unions using the DNA platform in limitless new ways.”
About Stanford Federal Credit Union
Founded in 1959 by a group of Stanford employees to serve their banking needs, Stanford Federal Credit Union has grown to over 47,000 members with over $1 billion in assets. The quality of Stanford FCU’s expansive line of financial products and services is unmatched in the industry. The credit union serves the faculty, staff, students, alumni, and volunteers of Stanford University as well as over a 100 local companies that are part of the Stanford Community. Stanford FCU was the first institution to offer online banking, and it continues to be committed to offering innovative technology to its members. The credit union is also focused on enhancing financial lives through education and counseling.
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.
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