UMonitor deploys P2P payments service

Source: uMonitor

UMonitor, the innovative financial solution services provider for operational excellence with customer acquisition and retention, announced today that its person-to-person (P2P) money transfer service is now fully deployed among all of its existing financial institution clients with uTransfer Release 5.0.

All new clients who deploy uTransfer - the company's widely recognized account-to-account funds transfer services platform - now can offer P2P service to customers and members to use via email or mobile phone. The powerful user profile function within the service allows financial institutions to segment users to offer one or both services and add parameters like daily or weekly limits, standard or express transfers, fees, and transaction level authentications.

uMonitor's 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 or credit union account. It gives financial institutions the ability to enhance money transfer options, helping to retain market share and grow their deposit-base. During a time when customers are searching for financial institutions that offer a wide array of services, uTransfer provides uMonitor customers the ability to offer the convenience of a P2P service on a proven A2A technology platform. This seamless user experience of A2A and P2P service and ability to bring non-customers to the financial institution website sets this service apart from other similar services in the market place.

"Financial institutions will continue to see a decline in paper check volumes. Offering electronic funds transfer and personal payments service is critical for banks and credit unions to remain relevant in the electronic transaction world," stated Dinesh Sheth, CEO of uMonitor. "We are committed to offering our clients access to the latest and most convenient banking services, such as P2P payments. With this latest release of uTransfer, financial institutions have more options for their customers while building their own brand instead of referring their customers to third-party networks. It enables expansion into social media, offers payments for small businesses, helps with charitable donations and countless other money transfer services."

uTransfer's express transfer service, scheduled transfer service, recurring transfer service and other options enable consumers to make money transfers in an appropriate amount of time for their given situation. Internally uMonitor has built extensive capabilities to help with the fraud prevention, service monitoring and risk management for clearing the most transactions in a highly secure environment. uMonitor's focus on providing technologies to financial institutions and not building yet another payment network, helps financial institutions build and retain their brand identity and attract desired customers.

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