Credit union positions to better compete with banks of all sizes

MEMPHIS, Tenn., December 1, 2009 - uMonitor, the innovative financial solutions provider for operational excellence with member acquisition and retention, announced that $1.1 billion Pawtucket Credit Union selected a suite of uMonitor solutions to provide a complete range of services that meet its needs for on boarding a member effectively in all channels and offering them additional services online. The credit union is implementing uOpen & uFund^®, account opening and funding solution, with uSwitch^®, an integrated switch kit, and adding uTransfer^®, a money transfer platform that will enable members to easily move money in a highly secure online environment.

uMonitor solution offers a broad range of capabilities, including fraud prevention, identity verification and authentication, extensive product selection with cross-sell and up-sell and funding options including ACH processing that Pawtucket Credit Union found very attractive for its member service goals. Additionally, uMonitor's solutions enable an advanced, efficient and cohesive Internet channel that can attract new members and their deposits, while increasing convenience for existing members. Having a flexible architecture, single-sign-on from online banking platform, and partnership with its core provider, Open Solutions, also influenced the credit unions decision to partner with uMonitor.

"Enabling our members to use the Web channel to open and fund accounts, as well as switch accounts and transfer money positions us to better compete with large banks" explained Donna M. Gregson, senior vice president of retail services at Pawtucket Credit Union. "We wanted a comprehensive solution that offered everything a member might require when opening an account online, as well as the same efficient service in our branch and back office. uMonitor provides that, as well as enhanced money transfer service and convenience."

"Pawtucket Credit Union is focused on empowering its members with a smarter way to bank," Dinesh Sheth, CEO at uMonitor, said. "Our account opening and funding solution meets that need in a very direct way. The integrated switch kit and money transfer solution allows the credit union to provide additional services for its members. Pawtucket Credit Union is well positioned to increase competitiveness and delight members by surpassing expectations."

About uMonitor - Parsam Technologies
uMonitor 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, improve employee productivity while reducing costs and delight 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.