September 6, 2006 – (HOSTSEARCH.COM) – Open Solutions (http://www.opensolutions.com), a “strategic product platform” provider whose services include web hosting, has formed a strategic partnership with Ceto and Associates, it was announced today. The partnership will enable Open Solutions to offer Ceto’s Deposit Reclassification program to its North American client base.
“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,” suggested Douglas Ceto, Executive Vice President of Ceto and Associates.
Deposit Reclassification allows financial institutions to “restructure transaction accounts, thereby, converting non-interest earning reserve requirements into interest earning assets”. According to the company the process, “increases pre-tax profits by an average of $1 million”.
“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.”
