Credit union leverages uMonitor's new partnership with Equifax

MEMPHIS, Tenn., February 01, 2010 - uMonitor, the innovative financial solution services provider for member acquisition and retention, announced that Oklahoma City-based Communication Federal Credit Union has launched uMonitor's account opening and funding solution, uOpen & uFund^®. The credit union leveraged uMonitor's reseller arrangement with Equifax to bundle Equifax Secure's elDverifier^™, a remote authentication service, with the online account opening and funding service.

Communication FCU purchased eIDverifier directly from uMonitor with its uOpen & uFund^® in order to add identity verification and authentication capabilities into uMonitor's solution without separate integration or contract work on its part. This will result in faster deployment, cost savings and simplified billing. Communication FCU will also benefit from both companies' expertise in the areas of online account opening workflow design and process improvement, minimizing manual processing time and costs.

uOpen & uFund^® will enable Communication FCU to allow new and existing members to apply for multiple deposit accounts and fund them online in a single, secure session. Combined with eIDverifier, the solution will help Communication FCU comply with the USA Patriot Act and FACT Act Red Flag requirements and meet NCUA, FFIEC and FCRA guidelines, reducing abandonment by proactively addressing security concerns. Additionally, Communication FCU will use uSwitch^®, a fully automated switch kit that gives members the ability to transfer all of their financial relationships to the credit union via the Web.

"We want to provide our members with the ability to open accounts and bring in more deposits online in an easy and convenient manner," Christina Titterington of Communication FCU, said. "uOpen and uFund, when deployed with eIDverifier, allows members to do this in a secure environment with streamlined fraud detection and ID verification processes. uMonitor's long track record and solid reputation with the credit union industry gives us confidence that they are the company we should select to drive these efforts.."

"uMonitor creates maximum value and convenience so that credit unions can offer online experiences that exceed the expectations of their members," Dinesh Sheth, CEO of uMonitor, explained. "uMonitor has delighted members with its services for many years and our deployment at Communication FCU provides a single source solution with the strongest industry advantages."

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. The company's growth and success were recognized by its inclusion on the 2008 Inc. 5000 list.