Investments

Seven FiTECH Users Select Open Solutions' e-Commerce Banker Suite

e-Commerce Banker Client-Base Continues to Grow

Bank Of America Investment GLASTONBURY, Conn.--(BUSINESS WIRE)--Aug. 16, 2004--Open Solutions Inc. (NASDAQ: OPEN) announced today that seven financial institutions that use the Open Solutions' FiTECH MANAGER GOLD core processing system have signed contracts for Open Solutions' e-Commerce Banker(TM) (e-CB) suite of web-based financial services. 1st Choice Credit Union in Atlanta, Ga., Vermont State Employees Credit Union in Montpelier, Vt., Woods Credit Union in Oklahoma City, Ok., Taylor Credit Union in Medford, Wis., LA Financial FCU in Pasadena, Calif., V A C Federal Credit Union in Shreveport, La., and OMEGA Federal Credit Union in Pittsburgh, Pa. have selected the comprehensive Internet banking and cash management solution. Vermont State Employees Credit Union, LA Financial FCU and V A C Federal Credit Union have also signed agreements to take advantage of Open Solutions' core processing solution, TCCUS.
The FiTECH users will be able to take advantage of the e-Commerce Banker product line, which is designed to enable account holders to use any basic Web browser to access up-to-the-minute transaction history and balances, initiate bill payments, issue stop payments and transfer funds. Additionally, credit unions servicing small business members can use the e-CB cash management features to originate ACH transactions or initiate wire transfers.

The software also has enhanced features that can be used to obliterate all data from a disk drive in order to prepare it for redeployment or disposal. Formerly known as Acronis Drive Cleanser, this feature allows the user to select from one of seven international data destruction techniques to eliminate completely old data on a disk drive. This utility, which sold as a standalone product for $49.99, is now included in Acronis Privacy Expert Suite?.0 at no extra charge. Acronis Privacy Expert Suite carries a suggested list price of just $39.99.

Investment Opportunity Steve Koenemann, information systems officer at Vermont State Employees Credit Union (VSECU), said, "The additional functionality that e-Commerce Banker will offer our members will be well received by everyone. We look forward to having the additional services that e-CB offers." VSECU selected the e-Commerce Banker Consumer and Business suite, as well as check imaging, online forms suite, online check ordering, cross-member transfers, online deposit account origination and dynamic messaging.

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Banc Of America Investment LA Financial FCU purchased the e-Commerce Banker Consumer suite including check and statement imaging. Mike Magro, chief information officer at the credit union noted that, "We wanted a solution that would be able to grow with us and meet the needs of our increasingly sophisticated membership. The e-Commerce Banker solution offered all of the functionality that we were seeking and more."

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Banking Investment Sheilah Montgomery, CEO of 1st Choice Credit Union, said, "We chose the e-Commerce Banker Internet banking solution because it offers the most comprehensive functionality in the marketplace today. Coupled with the integration with our core system, MANAGER GOLD, our members will enjoy a first rate Internet banking experience." 1st Choice purchased the e-Commerce Banker Consumer suite.

AccountEdge Network Edition users are able to connect to company files without needing to browse a network or mount network drives. When a user opens a company file, the software discovers company files across the network and provides a list of files that can be opened simply by selecting one. There no need to wrestle with file and folder permissions, remembering to log into and making a connection to a server or using the finder to browse the network for a file.

Investment Solution Strategic "We are pleased to provide the FiTECH user base with the many advanced features that the e-Commerce Banker suite of Internet banking and cash management has to offer." said Mike Nicastro, senior vice president of Open Solutions' Strategic Systems Group. "All of the Strategic Solutions Group's offerings have been well received by the FiTECH users."

Investment Banking Services E-Commerce Banker, a scalable web banking solution, is designed to give a financial institution's business and retail customers access to account information and transaction initiation 24 hours a day, seven days a week. The e-Commerce Banker(TM) product is designed to be integrated with FiTECH's core processing system, MANAGER GOLD.

Bank Investment About Open Solutions Inc.

Alternative Investment 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, interactive voice response and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions 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.

Online Investment Services For more information about Open Solutions, or its financial product line, 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.

Accompany Essential Investment Open Solutions Inc. (R) is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2004 Open Solutions Inc. All rights reserved.

Investment Company Safe Harbor Statement

Investment Management Solution Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, we could lose existing clients and be unable to attract new business if we fail to adapt our products and services to changes in technology or in the marketplace. Likewise, the design of other core vendors' software or their use of financial incentives may make it difficult for clients to use our complementary products. Other factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices, and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2004, as filed with the Securities and Exchange Commission.

Investment Management Services Contacts

Guide Investment Stock
Open Solutions Inc., Glastonbury
Carol Thor Guerra, 860-815-5401
cthor@opensolutions.com
or
Anna Milner, 678-781-7214

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