uMonitor, the innovative financial solution services provider for banking customer acquisition and retention, and BankDetect, a knowledge-based technology company that focuses on loss prevention and compliance for the financial industry, today announced a partnership to integrate their services for financial services clients.
BANKDetect will incorporate ID verification (name, address, phone, zip, SSN, etc.,) including "red flags" compliance (indicators of possible risk of identity theft) with uOpen & uFund, uMonitor's online account opening and funding solution. This will enable uMonitor to meet all necessary regulatory compliance requirements as recently set forth by the government.
BANKDetect and uMonitor can integrate with all major core processors. Currently, both companies partner with Open Solutions, which allows Open Solutions' clients to quickly deploy uMonitor's uOpen & uFund and BANKDetect's solutions, as they are already integrated with their core processing platform, online banking service and loan decisioning system.
"We are delighted to integrate BANKDetect's cost effective compliance solutions in our industry leading online account opening and funding service," said Elaine Gieszler, director of channel management for uMonitor. "Financial institutions want to enhance operational efficiencies for onboarding new customers; our partnership with BANKDetect will make this possible by accelerating the deployment of uOpen and uFund services.
"uMonitor shares in our vision to provide cost effective, automated solutions for community banks and credit unions," added Karen Cofod-Smith, executive vice president of BANKDetect. "With ID verification and red flags signaled instantly during the account opening and funding process, financial institutions have all the information they need to proceed with additional analytics and anti-money laundering processes."