Community bank delighted with the implementation experience

MEMPHIS, Tenn., November 16, 2009 - uMonitor, the innovative financial services provider for operational excellence with customer acquisition and retention, announced that its account opening and funding solution, uOpen & uFund^®, has been deployed by CapitalSource Bank. Based in Los Angeles, the $5.8 billion bank now gives its customers the option to securely open new deposit accounts, 24 hours a day, 7 days a week.

"When we selected uOpen & uFund^®, we wanted a solution that not only allowed us to better serve our customers and compete against other financial institutions, but we also sought to have a partner that brought industry knowledge to the table," Tom Honan, chief information officer at CapitalSource Bank explained. "uMonitor worked closely with us to establish best practices for identification verification, fraud prevention and workflow management. We are absolutely delighted with the project management and expertise provided by the uMonitor team during deployment. We are happy to have a solution that gives our customers the convenience they want and the protection they need."

uOpen & uFund^® provides a number of features to help financial institutions improve compliance with Section 326 of the USA PATRIOT Act, by using real time customer ID verification, ID authentication and OFAC checks. uMonitor provides many options for CapitalSource Bank's customers to securely fund their new accounts, including ACH transfer from their external account at another financial institution.

"We learned from our experience deploying account opening solutions and managing projects and brought to CapitalSource Bank best practices for project success," Dinesh Sheth, CEO at uMonitor, said. "We are proud of the end results and recognition from Tom and his team. They not only understood the need to invest in new and innovative technology, but also to use partnerships in a strategic way to complete the project in a timely fashion in this challenging environment. We are excited about our partnership with CapitalSource Bank and look forward to ongoing improvements to serve their customers and introduce new services."

About uMonitor - Parsam Technologies
uMonitor offers 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, improve employee productivity while reducing costs and delighting customers. uMonitor solutions include New Account Setup and Online Funding with Switch Kit, New Loan Application Processing, Funds Transfer Service, Bill Presentment and Payment Solutions, Premium Account Management Service, Advisor-Client Relationship Management, and other services. The company's growth and success were recognized by its inclusion on the Inc. 5000 list in 2008 and 2009.