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uMonitor’s Benefits Plan
Manager is the first
service of its kind that
is available on the
market today for
financial institutions
to better manage setup
and ongoing
administration of
benefits accounts such
as IRAs and HSAs. The
service provides a
unique employer portal
for each participating
employee and plan
administrator.
It enables financial
institutions in helping
employers manage their
benefits accounts from
account setup, to
ongoing funding and
administration of the
plan. This service
allows financial
institution personnel,
as well as employers, to
register participants
and create corresponding
accounts in the
financial institution
systems. It also allows
the participants to
choose their
contribution amount(s)
and their contribution
method. The service
facilities the funding
of the account from
payroll deduction to
depositing it in the
system.
Taking full advantage of
uMonitor’s uOpen & uFund™ as well as
uTransfer™ money
movement capabilities,
the service allows
financial institutions
the unique ability to
create real time account
setup, one time and
ongoing funding of the
accounts, monitoring for
all regulatory
compliance, as well as
assist in account
roll-over and transfers.
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