uMonitor Expands New Account Opening and Funding Options for Credit Unions with Summit Integration

Introducing core integration with uMonitor Member Account Opening and Switch Kit

MEMPHIS, Tenn. - July 13, 2006 - uMonitor Expands New Account Opening and Funding Options for Credit Unions with Summit Integration Introducing core integration with uMonitor Member Account Opening and Switch Kit Memphis, Tennessee, July 13, 2006 - Parsam Technologies, the leading provider of uMonitor financial technologies, announced today that it has processed over 25,000 new account applications using its Certified interface with Summit’s Spectrum® Core processor.

The Connector program provides the steps necessary for a third party to integrate their application with Summit’s core transaction processor Spectrum® using PathWays. Summit developed the PathWays product to provide open access and ease of programming to Spectrum®. PathWays is a middleware and development tool kit option available from Summit and provides open access to the core power of Spectrum®. Utilizing industry standards such as Web Services, XML, SOAP and JAVA, the technology of PathWays enables rapid custom solution and interface development.

The uMonitor New Account Application and Online Funding with Switch Kit solution simplifies the new account opening processes for credit unions - expanding online member self service abilities through a credit union’s web site. With sophisticated compliance and fraud tracking capabilities in place, these member-focused processes also maximize the online new member fulfillment process as well as reduce the costs of processing member applications.

• The uMonitor New Account Application and Online Funding service simplifies the account opening process for new and existing customers/members. It offers prospective applicants a secure, convenient method of instantly opening and funding an account seamlessly online, anytime and place.
• Key features of the application are the ability to offer the entire range of products to customers in every delivery channel; the ability to handle complex eligibility requirements; enhanced ability to cross-sell and up-sell in real-time with proper risk management; the ability to extend branch level features to online service; the ability to integrate check ordering, card ordering, and bill payment setup; integrated online funding from bank accounts or credit cards; and an integrated online switch kit to transfer direct deposits and automatic payment services as well as close external accounts.

Data integration between Summit Spectrum® and the uMonitor application is achieved with a Summit PathWays Connector, a seamless, Summit Certified Connector based interface. The uMonitor solution is deployed with customers like Chartway Federal Credit Union and Purdue Employees Federal Credit Union using Summit core system and has successfully processed thousands of new account applications.

“By making this certified PathWays Connector available, Summit clients will now have another way to make their web sites as powerful as their branches. This certification gives the credit union a faster way to integrate their services with a trusted third party provider and bring new benefits to their members at a lower cost,” said Dinesh Sheth, CEO of Parsam Technologies. 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 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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