Business & Finance
Tue, February 17, 2009Mon, February 16, 2009Fri, February 13, 2009Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009California Bank of Commerce Achieves Record Deposit Growth with Open Solutions? Imaged Payment Technologies
//business-finance.news-articles.net/content/200 .. -open-solutions-imaged-payment-technologies.html
Published in Business and Finance on Tuesday, February 10th 2009 at 12:09 GMT, Last Modified on 2009-02-10 12:10:36 by Market Wire🞛 This publication is a summary or evaluation of another publication
GLASTONBURY, Conn.--([ BUSINESS WIRE ])--California Bank of Commerce (OTCBB:CABC) of Lafayette, Calif. has reported significant benefits realized from Check 21 legislation through the use of Open Solutions Inc's ® Imaged Payment Technologies Group's remote deposit capture software. With more than $100 million in assets, California Bank of Commerce experienced an 80 percent growth in weekly deposits after implementing Open Solutions' remote deposit capture software in October 2007. Open Solutions is a leading provider of integrated enabling technologies for financial service providers in the United States, Canada and other international markets.
Dan Peterson, SVP of California Bank of Commerce, cited Open Solutions' ongoing client support as a key factor in selecting the vendor for remote deposit capture. "Our bank is built on a high degree of personal service and long-term relationships with ongoing support and client services to ensure that they achieve the highest level of operational success. As this valuable service continues to grow for us, it was imperative that our software provider also be there to support our clients, and Open Solutions continues to provide that support."
Prior to remote deposit capture, the bank averaged $6 million in weekly deposits. "Since implementing the technology, we nearly doubled that amount and it quickly became necessary to increase the daily deposit limit to allow for more checks and larger total deposits," said Peterson. "Now, more than 87 percent of our total check deposit volume comes from remote deposits."
California Bank of Commerce provides remote deposit services to more than 45 businesses across the nation. "Our strategic model is built on single-office business bank leveraging technology to provide unparalleled service," said Mark DeVincenzi, CMO for California Bank of Commerce. "Remote deposit is essential to being able to quickly respond to our business clients' needs, reduce our clients' costs, improve cash flow and enable our clients to focus more time on their own businesses. Our clients now range from down the street to across the nation. With Open Solutions' remote deposit capture product, we have not only increased our deposits, but we have significantly expanded our geographic reach. We now serve business as far as Louisville, Ky., and remote deposit will allow us to maintain relationships with our long-distance clients and acquire new ones," said DeVincenzi.
To continuously expand its client base, California Bank of Commerce leverages its deep client and professional services relationships to generate referrals and raise awareness. The bank relies on the remote deposit service as a critical element in its overall strategy, and depends on the lower cost delivery structure that results from using the service.
"The advent of new technologies such as remote deposit continue to impact the way financial institutions conduct business operations," said Louis Hernandez, Jr., chairman and CEO of Open Solutions. "At Open Solutions, we strive to provide our clients with the necessary tools and solutions to maximize the benefits of Check 21 legislation. We were one of the first to market imaging solutions when the legislation was first enacted, and our flexible, customizable solutions allow institutions like California Bank of Commerce to better serve their business clients. As we begin 2009, imaging technology will become even more vital for the success of institutions, and we will continue to provide outstanding products and ongoing support to our clients."
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic information management product platform that integrates core data 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, network 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 or its financial product lines, contact Mickey Goldwasser by email at [ mgoldwasser@opensolutions.com ], by phone at 860-652-3153 or via fax at 860-652-3156. Visit Open Solutions' Internet site 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 2009. 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.
