Credit union positioned to increase efficiency, better compete with banks of all sizes

DALLAS, April 20, 2010 - uMonitor, the innovative financial solutions provider for operational excellence with member acquisition and retention, announced at the Open Solutions 2010 Client Conference & Solutions Expo that Vermont State Employees Credit Union (VSECU) selected a suite of uMonitor solutions. The $472 million credit union will leverage uMonitor's uOpen & uFund^® and uTransfer^® solutions to meet its needs for on boarding a member effectively through all channels while also offering them additional online services.

uOpen & uFund^®, an account opening and funding solution with an integrated switch kit, is implemented to automate the setup of new accounts while also improving application completion rates, regulatory compliance, back office efficiencies and customer satisfaction. uTransfer^®, a money transfer platform, will enable members to easily move money in a highly secure online environment; this added convenience creates new ways to engage members and generate ongoing transaction revenue. These solutions integrate seamlessly with Open Solutions' comprehensive Internet banking and cash management solution, e-Commerce Banker^(™) (e-CB) and core data processing platform, DNA^™. The full-range of Web banking solutions will help VSECU to better compete with financial institutions of all sizes while improving service and convenience for its existing members.

"The old credit union adage 'not for profit, but for service' has been a pillar of Vermont State Employees Credit Union's philosophy since 1947," said Sara Pryce, business systems specialist at VSECU, "and implementing innovative uMonitor solutions is one of the ways that we can continue to enhance the services we offer our members. The combination of uMonitor's and Open Solutions' services, provide us with a cohesive channel strategy where our members can accomplish any banking transaction from account opening to money transfers under a single sign on."

"In today's competitive banking environment, it is important that credit union members are able to perform all their transactions, anywhere they prefer," Dinesh Sheth, CEO at uMonitor, said. "Vermont State Employees Credit Union caters to the entire state with seven branches, so offering a fully functional, robust Web site-based virtual branch will be a strong complement to their physical presence, adding convenience and driving revenue. The credit union is very well positioned to compete with financial institutions of all sizes while continuing to delight its members."

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.