BankNewport taps uMonitor for funds transfer service

Source: uMonitor

uMonitor, the innovative financial solution services provider for operational excellence with customer acquisition and retention, announced that Rhode Island-based BankNewport recently launched its account-to-account money transfer service, uTransfer.

The bank leveraged the strategic partnership between uMonitor and its core processor, Open Solutions Inc.®, to become the first financial institution to deploy with a single sign-on process from the e-Commerce Banker (the eCB), Open Solutions' Internet banking and cash management platform, into the uTransfer solution.

"We are very responsive to the needs of our customers and when they requested an online money transfer solution, we selected uMonitor's uTransfer," Nelson Teixeira, Vice President of Direct Banking/E-Commerce at BankNewport, explained. "After implementing the solution, 1,000 customers used it during the first month and thus far, we have seen a 10 percent penetration of our online banking users, which is huge. As a result, uTransfer has helped raise our core deposits as more customers are using the service to transfer money in to the bank and increase their average account balances."

With uTransfer, existing online banking customers can visit the Internet banking platform and initiate money transfers or set up recurring transfers. The single sign-on process enables an existing customer to use existing identification credentials to log into the funds transfer service. Once the customer is validated by the system, all of their accounts are visible and available for transferring funds. In a recent survey conducted by a bank, it was found that more than 80 percent of respondents prefer to pay bills and transfer money online. The uTransfer service is proving critical to customer acquisition and retention.

"BankNewport saw an increased level of interest in online services in 2009," Dinesh Sheth, CEO of uMonitor, stated. "With single sign on from eCB, we anticipate greater adoption of uTransfer service in 2010 and ongoing usage will continue to grow as they delight their customers. We are excited to be part of BankNewport's initiatives as the strategic technology partner."

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