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Addison Avenue Federal Credit Union Unveils New Account and Online Funding Service |
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Introducing core integration with uMonitor Member Account Opening and Switch Kit |
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Memphis, Tennessee, December 20, 2005 - Addison Avenue Federal Credit Union (Addison Avenue), a $1.7 billion credit union, headquartered in Palo Alto, California, together with Parsam Technologies, the leading provider of uMonitor financial technologies for credit unions and banks, announced today the launch of an industry-leading New Account Application and Online Funding service. The uMonitor New Account Setup will allow new and existing Addison Avenue members to securely apply for and fund new accounts online, all in a single session without going to a branch. |
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Steve Lumm, President and CEO of Addison Avenue, stated, "In keeping with our goal to maximize the value and convenience we deliver to our members by providing industry-leading online services, we found uMonitor solution to be just right for our members. We continue to grow by expanding into new geographies and delivering new and innovative products and services to employees and family members of HP, Agilent Technologies, and a host of other sponsor groups. With uMonitor services, we will bring convenience to all these members regardless of how far they may leave from our branches. A completely integrated service like this sets us apart from others in the industry and meets the expectations of our highly talented members." The uMonitor New Account Application will be available from the Addison Avenue website. This service will enable Addison Avenue to serve their members better, improve operational efficiency, improve cross sells, and offer its full range of products to each new applicant. Additionally, this service will complete, in real-time, eligibility checks based on Addison Avenue’s approval criteria. This service interfaces seamlessly with a number of systems such as Qualifile® from eFunds Corporation (NYSE: EFD) for ID verification, is in compliance with OFAC and Patriot Act rules, and allows for cross selling based on Addison Avenue defined rules, with Experian credit reporting system for credit checks for risk-management, and with APPRO for loan decisioning. The service also interfaces with the host system from OSI (NASDAQ: OPEN) to create the account in real time. This setup also includes online funding capability using a secure ACH-based funds transfer service or a credit card transaction. With integration with the Corillian (NASDAQ: CORI) internet banking platform, existing members get even better express check out services when they wish to add new accounts or take new loans. "With Addison Avenue, we knew from the start that we were dealing with a highly talented technical and business team that was in tune with their membership base expectations. With uMonitor platform flexibility, we were able to create a solution that will not only meet high standards set by Addition Avenue, but we were aiming to exceed their members expectations," said Dinesh Sheth, CEO of Parsam. "With this launch we continue to prove to our valued credit unions that uMonitor is really their platform of choice when they want to create a unique value for their business and members. Using technology to bring new convenience to life is part of the HP legacy, and we are glad to play a small role in that progress." uMonitor is recognized in the financial services industry for delivering highly dependable services to meet credit union and bank requirements - the best technology, exceptional customer service, and prompt system implementation - at a very affordable price. About Addison Avenue Federal Credit Union Addison Avenue Federal Credit Union, based in Palo Alto, Calif., has more than 20 branches in ten states including Puerto Rico. The more than 350 credit union employees serve more than 124,000 members around the world. Standing by their brand promise of "simplifying members’ lives," Addison Avenue Federal Credit Union continues to grow by expanding into new geographies and delivering new and innovative products and services to employees and family members of HP, Agilent Technologies and a host of other companies. For additional information about Addison Avenue Federal Credit Union, visit its Web site at www.addisonavenue.com |
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About uMonitor – Parsam Technologies For more information, please visit www.umonitor.com or contact Gillian Smoot at gsmoot@umontitor.com or by phone at 901.757.1212, ext.7115. |
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