Bank leverages uMonitor's strategic partnership with Open Solutions to achieve integration

MEMPHIS, Tenn., March 1, 2010 - uMonitor, the innovative financial solution services provider for operational excellence with customer acquisition and retention, announced that Rhode Island-based BankNewport recently launched its account-to-account money transfer service, uTransfer^®. The bank leveraged the strategic partnership between uMonitor and its core processor to become the first financial institution to deploy with a single sign-on process from the e-Commerce Banker (the eCB), Open Solutions' Internet banking and cash management platform, into the uTransfer solution.

"We are very responsive to the needs of our customers and when they requested an online money transfer solution, we selected uMonitor's uTransfer," Nelson Teixeira, Vice President of Direct Banking/E-Commerce at BankNewport, explained. "After implementing the solution, 1,000 customers used it during the first month and thus far, we have seen a 10 percent penetration of our online banking users, which is huge. As a result, uTransfer has helped raise our core deposits as more customers are using the service to transfer money in to the bank and increase their average account balances."

With uTransfer, existing online banking customers can visit the Internet banking platform and initiate money transfers or set up recurring transfers. The single sign-on process enables an existing customer to use existing identification credentials to log into the funds transfer service. Once the customer is validated by the system, all of their accounts are visible and available for transferring funds. In a recent survey conducted by a bank, it was found that more than 80 percent of respondents prefer to pay bills and transfer money online. The uTransfer service is proving critical to customer acquisition and retention.

"BankNewport saw an increased level of interest in online services in 2009," Dinesh Sheth, CEO of uMonitor, stated. "With single sign on from eCB, we anticipate greater adoption of uTransfer service in 2010 and ongoing usage will continue to grow as they delight their customers. We are excited to be part of BankNewport's initiatives as the strategic technology partner."

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.