uMonitor Focuses on Fraud Prevention with Funds Transfer Service Release 3.0

MEMPHIS, TN, June 16, 2005 - Parsam Technologies, the pioneer and leading provider of uMonitor financial technologies for credit unions and banks, announced today the latest Release 3.0 of its Funds Transfer Service (FTS). uMonitor brought the ability to transfer money between any accounts online, without going to a branch, to credit union members and bank customers several years ago. The company pioneered simple ways for consumers to schedule one transfer or set up recurring transfers. Recognizing the need for higher security and protection against fraud in an ever-changing environment, with its latest release of FTS, uMonitor gives added protection to users of this service.

The uMonitor Funds Transfer Service allows financial institutions to offer an online money management tool to their consumers to move money in a highly secure and reliable way. The Account-to-Account (A2A) solution delivers branch services to the online channel. Beyond the online banking service, this solution now offers added security. Consumers can monitor the transfers of money between accounts and keep track of all their transactions online. With the growing threat of identity theft and fraud, financial institutions are always looking for ways to protect their consumers. A well informed user, armed with timely information, is now able to join in the fight against online fraud. With Release 3.0 of FTS, consumers can keep a close eye on the usage of their online funds transfer activity. The system notifies the user of any activity on their accounts such as service registration, account registration, account activation, and one or more on-demand or scheduled transactions. In the event that the account owner did not initiate any of the activities, he can immediately contact his financial institution to report and take action to prevent fraud and protect against unauthorized activities. With uMonitor FTS Release 3.0, financial institutions give consumers greater control of their online financial lives.

"With Account-to-Account Funds Transfer Service being the next logical extension of most financial institution online services now, we are pleased to offer an enhanced version of FTS to credit unions and banks to improve their security and address consumer concerns to keep their trust in a highly desirable service," said Dinesh Sheth, CEO of Parsam Technologies.

uMonitor Funds Transfer is available as a standalone service as well as an integrated offering with New Account Setup and Online Funding with Switch Kit and Account Aggregation Service. 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 fast system implementation - at a very affordable price.

About uMonitor – Parsam Technologies
uMonitor financial technologies offer a wide range of online solutions specifically designed to help financial institutions provide the most up-to-date services. These highly configurable and customizable solutions enable financial institutions to increase profitability, generate revenue, improve regulatory compliance, and improve employee productivity while reducing costs. uMonitor technologies include New Account Setup and Online Funding with Switch Kit, New Loan Application Processing, Funds Transfer Service, Bill Presentment and Payment Solutions, Premium Account Aggregation Service, Document Management System, Advisor-Client Relationship Management and other services.

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.

Parsam Technologies , LLC
3197 Players Club Parkway
Memphis, Tennessee 38125

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