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Open Solutions Announces Strategic Partnership.
2006-09-06, HostMan.biz Open Solutions Inc. and Ceto and Associates, a national consulting firm specializing in developing solutions to provide financial institutions the ability to increase profitability, announced that their two companies have formed a strategic partnership that will enable Open Solutions to offer Ceto's programs to its more than 4,500 clients throughout North America. Open Solutions is a provider of integrated enabling technologies for financial services providers across the United States, Canada and international markets. Douglas Ceto, executive vice president of Ceto and Associates, said, "More than 1,000 financial institutions nationwide have currently implemented Ceto's Deposit Reclassification program. In today's environment, it is important to provide financial institutions with products that will help them remain competitive. The opportunity to further our reach through a strategic partnership with a leading industry provider such as Open Solutions is exciting." Deposit Reclassification enables financial institutions to restructure transaction accounts, thereby, converting non-interest earning reserve requirements into interest earning assets. The process increases pre-tax profits by an average of $1 million. Ceto Cash Calculator (C3), a Web-based branch tool that enables financial institutions to better manage vault cash, especially in a low-reserve environment, is another valuable program in today's high-interest marketplace. When combined with Deposit Reclassification, C3 helps branch managers keep vault cash at an optimal level and increase revenues. "Open Solutions' is pleased to offer our clients a recognized and established revenue enhancement program," said Open Solutions' SVP and Chief Marketing Officer Michael D. Nicastro. "At Open Solutions, we continually seek value-added partnerships that will further enable our clients to manage their business more efficiently and effectively. We believe our clients can benefit from Ceto's programs by identifying multiple ways to increase revenue and cash flow without cutting costs; they are easy, self funding programs that can increase an institution's competitive posture in the marketplace." Ceto's Referral program has accounted for more than 40 percent of its client base since it was founded in 1994. CheckMate, an overdraft protection program, and Ceto's Revenue Enhancement Program (REP), a service that identifies opportunities to increase revenue across all areas of a financial institution, will also be offered to Open Solutions' clients. "We thrive on our dependable reputation and the referrals we receive from trusted industry partners," Ceto continued. "Providing financial services in today's business environment is very competitive and we look forward to working with Open Solutions, its clients and future clients to provide financially focused programs to help them operate more productively." |
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