uMonitor Announces P2P Money Transfer Service

Person-to-Person Payments Available to Community and Regional Banks Through uTransfer

ORLANDO, Fla.--(BUSINESS WIRE)--uMonitor, the innovative financial solution services provider for operational excellence with customer acquisition and retention, introduced person-to-person (P2P) money transfer services today at the ICBA National Convention & Techworld. The solution is a standard feature of uTransfer^® Release 5.0, which is currently being deployed.

“Consumers today are savvier than ever before, and their quest for added convenience and better services provides a timely opportunity for banks to launch P2P services”

uTransfer, a funds transfer services platform that allows users to move money online in a highly secure environment, is deployed by banks and credit unions ranging from 50 million-dollar community organizations to $30 billion regional banks. The account-to-account money transfer service has been in use since 2003. Its new P2P service enables customers to send and receive money electronically via email and mobile phone to and from any third party with a U.S. bank account. It gives banks the ability to enhance customer money transfer options, helping to retain marketshare and grow their deposit-base. The uTransfer 5.0 Release will also expand the back-office reporting, analytics, support, risk management and operational capabilities of this proven platform.

“Consumers today are savvier than ever before, and their quest for added convenience and better services provides a timely opportunity for banks to launch P2P services,” explained Dinesh Sheth, CEO of uMonitor. “Facilitating transactions between a bank’s customer and their friends and family not only enhances service for the existing customers, but will also provide a point of contact into new relationships. This is another piece of a full-service bank’s Web and mobile offering that delights consumers and cements strong banking relationships.”

uTransfer’s express next day transfer service, scheduled transfer service, recurring transfer service and other options enable customers to make money transfers in an appropriate amount of time for their given situation. Taking advantage of uMonitor’s multi-party shared risk management services allows financial institutions to monitor money flow while engaging get users and employees in fraud prevention activities. uMonitor does the heavy lifting of service monitoring and risk management for clearing the most transactions in a highly secure environment The ongoing service enhancements are a testament to uMonitor’s commitment to providing the most advanced technologies available in a highly configurable and customizable format, thus meeting the needs of the financial institution and its customers.

About uMonitor (www.umonitor.com)

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.

For more information on uMonitor or its solutions, contact Gillian Smoot at gsmoot@umonitor.com, call 901.757.1212 ext. 7115, or visit the company at www.umonitor.com.