UMonitor and Equifax team on online account opening

Source: UMonitor

UMonitor, the innovative financial solution services provider for banking customer acquisition and retention, today announced that it has teamed with Equifax (NYSE: EFX) to help banks and credit unions improve existing account opening practices and expand online channels.

Financial institutions now can take advantage of a new interface that leverages Equifax's risk decisioning technology and uMonitor's uOpen and uFund online account opening and funding solutions.

Working together, uMonitor and Equifax can offer an integrated online service functionality consisting of account opening and funding services, online and branch delivery channels and advanced data and automation.

"Flexibility and efficiency are critical for banks and credit unions looking to streamline processes and transform the way they do business in today's credit economy," said Rajib Roy, president, Equifax Enabling Technologies. "Working with uMonitor, we can provide customers with even more flexibility by giving them access to an integrated solution to make better, real-time account and risk decisions."

The new interface leverages identity verification and authentication capabilities, as well as an instant prescreen and cross-sell scoring matrix that enables financial institutions to offer customers appropriate products and services. Through this relationship, customers benefit from both companies' capabilities in the areas of identification, system integration and process improvement.

"Equifax has a track record for providing businesses with identity verification and authentication solutions," said Dinesh Sheth, CEO, uMonitor. "Combining our online account opening and funding with its existing infrastructure will improve the levels of accuracy and efficiency available for financial institutions. We look forward to working with Equifax to bring this next-generation service to banks and credit unions across the United States."

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