Software as a Service (SaaS) Business Model Reduces Operational Costs for Open Solutions’ Clients
Billerica, Mass. and Glastonbury, Conn. - April 27, 2009 — Orbograph Ltd, a leading developer of recognition solutions for the U.S. check processing market, announced Open Solutions Inc.® has signed an agreement to provide Orbograph’s Automation 08 recognition service to its outsourced item processing clients. Open Solutions now offers Automation 08 to its in-house check imaging clients as a migration strategy to guarantee cost reductions as check volumes decline.
The Automation 08 software as a service business model will enable Open Solutions clients to approach straight-through-processing (STP) levels of efficiency. By targeting automation levels of 98 percent with 99 percent accuracy, Automation 08 nearly eliminates all data entry, streamlines balancing and incrementally reduces costs in proportion to check volume decline as an operational expense.
“The ability to standardize on the Automation 08 business model for both our outsourced and in-house check processing clients is of significant benefit to us,” explained Bob Wilson, vice president, strategic alliances for Open Solutions. “Cost reductions are of particular interest to our clients in 2009 and Automation 08 can deliver that. The technology is a great fit for Open Solutions because it strengthens our suite of services and gives us more flexibility to tailor our solutions to our clients and their needs.”
“Our strong business case, which offers a 40 percent savings in labor costs, is driving client interest in Automation 08,” stated Andy Leonhardt, vice president of sales for Orbograph. “This SaaS business model targets immediate savings by minimizing upfront costs, while long-term reductions are attained as check volumes decline.”
About Open Solutions
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, contact Deborah Katz at deb.katz@opensolutions.com, phone 860.815.5385 or fax 860.652.3156. Visit Open Solutions on the Web 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.
About Orbograph
Orbograph is a leading developer of recognition solutions for the U.S. check processing and business process outsourcing markets. Orbograph’s technologies are in use at hundreds of financial institutions and service bureaus across North America, processing millions of documents each day. Through its automation and recognition solutions, fraud detection, business process outsourcing technologies and image quality assurance applications, Orbograph enables customers to reduce costs, improve operational efficiencies and achieve rapid ROI.