Sanchez Computer Associates Inc., a global financial software and services provider, announced the first deployment of a core processing system for a banking institution on the Linux operating system. First Mortgage KFT of Hungary is using the Sanchez Profile core processing system, the Profile for Windows customer servicing platform and the Sanchez FMS accounting system to aid its drive into the Hungarian home mortgage market.

"The open source power of Linux has the potential to enable banking institutions, such as First Mortgage, to gain significant system operating advantages, including cost savings, performance and a new level of flexibility," commented Michael Haney, senior analyst, Celent Communications, a Boston-based research and advisory firm. "Sanchez is showing significant market leadership by demonstrating that Linux, once thought only suitable for edge services, can indeed be used to successfully deploy business- critical core transaction processing systems."

First Mortgage is an independent subsidiary of EuroDirekt National Savings, Hungary's first online discount savings association. EuroDirekt, currently offering savings products, is expanding its focus in order to gain a competitive advantage in the Hungarian market. With Hungary's home mortgage market expected to increase over the next few years, First Mortgage was created to launch new loan products and open a small number of branches in select locations.

"Sanchez is delivering more than a core processing solution. The company is working with us to implement a strategic technology platform designed to meet our requirements both today and over time, as we evolve with the market," said Joseph Szamel, EuroDirekt National Savings. "Sanchez solutions allow us to move beyond the account- and product-centric operations found in so many of today's financial institutions and to focus on the customer. The Sanchez Profile platform offers an open, scalable solution that will enable us to quickly and cost-effectively assemble and distribute new products – critical given the expanding Hungarian financial services market."

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