Wolters Kluwer and uMonitor ink referral agreement

Source: Wolters Kluwer Financial Services

Wolters Kluwer Financial Services and uMonitor announced today that the companies will integrate Wolters Kluwer Financial Services' electronic lending, deposit and Individual Retirement Account (IRA) compliance documents into uMonitor's uOpen & uFund account opening and funding service.

Under the terms of a referral agreement, uMonitor will refer customers to Wolters Kluwer Financial Services' documents, which will provide them with access to industry-leading compliance content based upon decades of experience and knowledge. The content, offered through Wolters Kluwer Financial Services' Bankers Systems product line, is continually developed and maintained by the company's extensive in-house legal and compliance services team.

"As a leading provider of online account opening and funding services in the industry, we continue to integrate services from technology leaders that add value to the solutions we offer," said Dinesh Sheth, CEO of uMonitor. "We understand that our clients place a high level of trust in us, and we exercise strong discretion in recommending third-party solutions. Based on great experiences in working with Wolters Kluwer Financial Services and their unsurpassed reputation for leading compliance solutions, we have full confidence that together we will offer a unique value proposition to our clients."

"We're pleased to be working with uMonitor to give their clients access to the most complete and up-to-date compliance content in the industry," said Dave Roy, vice president and general manager, Banking, Wolters Kluwer Financial Services.

Wolters Kluwer Financial Services compliance documents help financial institutions comply with regulatory requirements in all 51 U.S. jurisdictions and can be customized as needed according to an institution's specific business practices and policies.

The uOpen & uFund solution enables financial institutions to improve both their competitive positioning and online services experience. Banking clients can set up new deposit accounts, obtain credit and debit cards and complete loan applications via the Internet. uOpen & uFund help financial institutions adhere to Section 326 of the USA PATRIOT Act, and offer online customer identity verification, identity authentication and Office of Foreign Asset Control (OFAC) checks. It also provides a way to develop risk matrixes and implement cross-sell and up-sell processes. With compliance documents, disclosures and online funding, the process is fast and simple.

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