Head Office: Head Office: Fiserv Inc. Corporate Headquarters, 255 Fiserv Drive, Brookfield, WI 53045, US. Tel: +1 262 879 5000. Email: client.info@fiserv.com Main DNA office: 455 Winding Brook Drive, Glastonbury, CT 06033, US. Tel: +1 860 815 5000. Other Offices: Canada (3), India (3), US (7). Websites: www.fiserv.com and www.signature.fiserv.com Contact: Carol Cowan (VP product management and marketing). Email: carol.cowan@fiserv.com Founded: Fiserv founded in 1984; Open Solutions founded in 1992. Ownership: Fiserv Inc. is publicly listed on Nasdaq (FISV). Number of Staff: Around 21,000. Financials: Total revenues of $5.7 billion and net income of $1,103 million for the year ended 31st December 2016. This compared with revenues of $5.51 billion and net income of $930 million for 2016 and revenues of $5.25 billion and net income of $712 million for 2015.


based core. An ‘out of the box’ implementation of this was dubbed TCCUS-sme (Standard Market Edition). There was also a handful of core data processing applications for credit unions (Manager Gold, RDS cuStar, CyberSuite and, from the end of 2005, a Canada-specific product) and one for commercial banks (The EastPoint System), plus a mainframe processing system (TotalPlus) that was originally owned by Bisys Information Services Group (BISG) (see below). In addition, the company offered a range of internet and other products for banks and other financial institutions. In 2006-08, the TCBS/ TCCUS system went through a refresh and emerged as DNA.


Open Solutions was set up in 1992 in a basement in Glastonbury, Connecticut, by Cliff Waggoner, who sadly passed away in May 2007. He had spent ten years with the US navy, 17 years with EDS as a technical architect and in systems development, and five years as a principal with Linc Systems in the areas of systems consulting and development. The aim of Waggoner and a couple of others was to build a data model which would be highly relational and extensible, as well as based on open standards. The model was meant to be applicable across industries and would be offered to third parties, including application providers, to underpin their own developments. In fact, this idea did not work but Open Solutions was contracted by a bank to do some work around the model. The fledgling company recruited some banking experts and started to move towards this sector. The data model roots meant that Open Solutions was able to claim a different approach to most banking system suppliers, starting with the client information rather than application workflow, features and functions. The first taker was a start-up Connecticut-based bank, Simsbury Bank. That bank is still a user, having agreed a ten-year extension to its licence in early 2007.


The supplier claimed that the original design meant the 108


system was highly adaptable. This looked to be something more than supplier hype, as it has handled a wide range of institutions, unlike many of its US rivals. There is one code base across its core offerings but until the latest modernisation there were around nine different lines of source code (now there is only one).


A few users converted from credit union to bank over the years and were able to do so without a switch of systems. Open Solutions chairman and CEO, Louis Hernandez, said this was a case of turning on additional keys and probably some additional training.


The same system was also taken by a number of corporate


credit unions, which provide correspondent services to other credit unions. When one of these institutions, Virginia-based Vacorp Federal Credit Union, looked around for a solution in 2006, Open Solutions was felt to have one of the few systems that could cope with the anomalies of corporate credit unions. The institution was moving from a specialist legacy system, IntegraSys from Fiserv, which was used at one time by all US corporate credit unions on a hosted basis. Vacorp Federal became the fifth corporate credit union to head for Open Solutions. Vacorp’s CEO at the time, Jim Hansen, said, ‘this is the only system that we can use as a corporate credit union where it is basically the same system used by retail credit unions. As it continues to evolve, we will get the benefit of that.’ Vacorp signed to take the Open Solutions software via a credit union services organisation that had been set up by a couple of its counterparts, Georgia Central Credit Union and Southeast Corporate Federal Credit Union. Progress was fairly slow for Open Solutions in its formative


years, with the company encountering all of the usual challenges of a newcomer in a fairly well populated and conservative market. Hernandez came on board in 1999. By this stage, Open Solutions had embarked on what was to be a relatively brief early foray outside the US. It was approached by


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company details


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