Credit Unions Select uMonitor for Online Account Opening and Funding Services

MEMPHIS, Tenn. – Feb. xx, 2008 - uMonitor, the innovative financial solution services provider for banking customer acquisition and retention, today announced that FAIRWINDS Credit Union, First Credit Union and KeyPoint Credit Union have selected the company’s uOpen & uFund™, an online account opening and funding service.

The uOpen & uFund solution enables credit unions to improve both their competitive positioning and member services because it greatly enhances the online banking experience. Credit union members have the ability to set up new deposit accounts, obtain credit cards and complete loan applications via the Internet.

“Convenience and ease of access continue to be driving factors in meeting member needs. Credit unions must seek leading technology that enables us to offer and deploy new services that position us to build membership and increase market share while maximizing ROI,” Brian Cicco, EVP at FAIRWINDS Credit Union said. “More and more members are conducting business over the Internet not only during the traditional branch hours but during all hours of the day and week. By providing 24/7 access as well as expanding our online services to improve account opening efficiencies, we are positioned to achieve our strategic goal of gaining market share in a competitive environment. The many benefits that uOpen & uFund presents to the credit union and our members make this a winning solution for everyone.”

uOpen & uFund also provides a number of additional features, including helping credit unions adhere to Section 326 of the USA PATRIOT Act, which requires that all financial institutions implement a Customer Identification Program. The solution gives credit unions the ability to perform online customer ID verification, ID authentication and OFAC checks. It also provides a way to use credit score and credit reports to, develop risk matrix and implement cross-sell and up-sell processes.

“The expansion of the online channel is something that financial institutions have to address in today’s challenging environment,” Dinesh Sheth, CEO at uMonitor, explained. “Joining a long list of uMonitor customer credit unions are FAIRWINDS, First and KeyPoint ensuring that their members can have the best innovations in the industry available from their preferred financial service provider – the credit union. We are delighted to be working with each of these credit unions to deploy uOpen & uFund to fit their unique business models.”

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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