Open Banking Solutions, A Full Featured Cloud-Based Core Banking Platform, Secures Backing from Leading Credit Unions

Louis Hernandez, Jr.

​Open Banking Solutions (“OBS”), an advanced, cloud-based core and digital banking solution designed to give community-based financial institutions a competitive edge in the rapidly evolving landscape, today announced growing support from some of the nation’s most respected credit unions as part of their investment in private equity firm Black Dragon Capital℠ — OBS’ lead investor.
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Open Banking Solutions is a full featured core banking platform that includes integrated state-of-the-art digital banking, digital account opening of all product types, workflow engine, management dashboards and reporting, loan collections, G/L and Open Banking ready APIs. It can integrate with businesses through industry shattering flexible and commercially friendly contracts. Launched in the US, in February 2023, the platform boasts a robust cloud core processor that can streamline workflows and scale with the businesses as they grow. This next generation full suite of solutions is built by a team of experts with over a century of experience serving community-based financial institutions.

Black Dragon Capital℠ ("Black Dragon") is a multi-phased global investment partner which focuses on advanced technology that addresses the most significant issues industries face. The firm has entered strategic partnerships with a growing list of the most innovative Credit Unions and CUSOs in the industry, including SchoolsFirst Federal Credit Union, First Tech Federal Credit Union, AltaOne Federal Credit Union, California Credit Union, Canvas Credit Union, and SECU of Maryland, to advance sustainable fintech innovation — with Open Banking Solutions at the forefront.

“Our fourth-generation core will allow credit unions to optimize the services they provide their members and deploy updates 5 to 10 times faster than with legacy solutions. Our cloud-core platform will ensure a seamless user experience while streamlining processes and reducing friction across banking functions,” said Joe Lockwood, CEO of Open Banking Solutions. “OBS is here to provide credit unions with advanced digital banking capabilities, integrated workflow tools, cutting-edge APIs that will allow institutions to freely integrate with any partner that they desire — all at a reasonable price point with flexible contracts.”

Streamlined Operations and Enhanced Integration for Modern Financial Institutions
Open Banking Solutions features an integrated workflow engine and digital account creation capabilities that simplify processes and reduce friction for both institutions and users. By automating complex tasks, OBS increases operational efficiency and ensures a smooth, secure digital account opening experience. With over 550 REST-based APIs that provide 15,000 data elements, OBS is fully prepared for seamless integration with third-party systems. This flexibility fosters a dynamic banking ecosystem, enabling institutions to connect with a variety of services.

Furthermore, the platform integrates general ledger, investment management, and AI-powered collections solutions, enabling institutions to manage operations efficiently from a single platform while enhancing transparency and performance tracking. It also provides executive dashboards and intelligent reporting, offering real-time insights into operations. These tools turn data into actionable insights, support decision-making, and automate regulatory reporting, boosting organizational efficiency.

“I was the Chair and CEO of Open Solutions when we launched the DNA Platform. Joe Lockwood was one of the leaders of the team I worked with back then. Open Banking Solutions was created to bring next generation cloud-based core technology to credit unions at a reasonable cost, with flexible contracts. We are excited to bring our strategic partnerships with some of the most respected and advanced credit unions in the country to support OBS,” said Louis Hernandez, Jr., Founder, Chairman, and CEO of Black Dragon Capital. “Through this investment, we hope to ramp up OBS’ growth and introduce an alternative to the restrictive legacy solutions with limiting contracts.”

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