UMonitor introduces P2P money transfer service

Source: uMonitor

UMonitor, the innovative financial solution services provider for operational excellence with customer acquisition and retention, introduced person-to-person (P2P) money transfer services today at the ICBA National Convention & Techworld.

The solution is a standard feature of uTransfer Release 5.0, which is currently being deployed.

uTransfer, a funds transfer services platform that allows users to move money online in a highly secure environment, is deployed by banks and credit unions ranging from 50 million-dollar community organizations to $30 billion regional banks. The account-to-account money transfer service has been in use since 2003. Its new P2P service enables customers to send and receive money electronically via email and mobile phone to and from any third party with a U.S. bank account. It gives banks the ability to enhance customer money transfer options, helping to retain marketshare and grow their deposit-base. The uTransfer 5.0 Release will also expand the back-office reporting, analytics, support, risk management and operational capabilities of this proven platform.

"Consumers today are savvier than ever before, and their quest for added convenience and better services provides a timely opportunity for banks to launch P2P services," explained Dinesh Sheth, CEO of uMonitor. "Facilitating transactions between a bank's customer and their friends and family not only enhances service for the existing customers, but will also provide a point of contact into new relationships. This is another piece of a full-service bank's Web and mobile offering that delights consumers and cements strong banking relationships."

uTransfer's express next day transfer service, scheduled transfer service, recurring transfer service and other options enable customers to make money transfers in an appropriate amount of time for their given situation. Taking advantage of uMonitor's multi-party shared risk management services allows financial institutions to monitor money flow while engaging get users and employees in fraud prevention activities. uMonitor does the heavy lifting of service monitoring and risk management for clearing the most transactions in a highly secureure environment The ongoing service enhancements are a testament to uMonitor's commitment to providing the most advanced technologies available in a highly configurable and customizable format, thus meeting the needs of the financial institution and its customers.

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