In order to provide online money transfer services for its customers, BankNewport, a Rhode Island-based bank, has deployed account-to-account money transfer service uTransfer of uMonitor, a provider of financial solution services.
with uTransfer, online banking customers can initiate money transfer or set up recurring transfers. Moreover, with the single sign-on process it will use the 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.
The bank leveraged the partnership between uMonitor and its core processor, Open Solutions 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.
Nelson Teixeira, vice president of direct banking/e-commerce at BankNewport, said: “We are very responsive to the needs of our customers and when they requested an online money transfer solution, we selected uMonitor’s uTransfer. After implementing the solution, 1,000 customers used it during the first month and thus far, we have seen a 10% 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.”
Dinesh Sheth, CEO of uMonitor, said: “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.”