uMonitor, the innovative financial solution services provider for banking customer acquisition and retention, and MoneyAisle, a live online auction marketplace where banks competitively bid for customers, today announced a strategic partnership to enable customers to open new accounts with maximum interest rates.
MoneyAisle is the first consumer Web site featuring live, on-demand auctions with participating FDIC-insured banks. Consumers can initiate secure auctions at any time to find the best available interest rate for certificates of deposits (CDs) and/or high-yield savings accounts in the MoneyAisle partner network. By leveraging uMonitor's uOpen & uFundTM solution, MoneyAisle users can open and fund an account with the "winning bank" in real-time online. The uOpen & uFund service collects all personal information and completes the identity verification and authentication necessary for the USA PATRIOT Act and FACT Act regulation compliance.
"Ease of use is central to MoneyAisle's online auction success, and uMonitor supports the ability for consumers to open accounts instantly with any bank in our growing nationwide network," said Mukesh Chatter, president and chief executive officer of MoneyAisle. "A trusted, scalable solution from uMonitor to open and fund accounts in real-time makes the benefit of our platform even stronger. Accounts are typically opened within minutes and banks receive funds to re-invest immediately."
"MoneyAisle leverages the competitive spirit of today's banking environment and gives all financial institutions an equal opportunity to grow their deposits, and at the same time give consumers better rates," Dinesh Sheth, CEO of uMonitor, explained. "Our online account opening service makes the process quick and easy. We share a common goal with MoneyAisle to provide customers with a delightful user experience and to provide the best value. We are extremely pleased to partner with MoneyAisle to support this breakthrough offering."