uMonitor, the financial services provider, has announced that its account opening and funding solution, uOpen & uFund, has been deployed by Los Angeles-based CapitalSource Bank, thus enabling the customers to open a new deposit account online.
uOpen & uFund features help financial institutions improve compliance with Section 326 of the USA PATRIOT Act, by using real time customer ID verification, ID authentication and OFAC checks. uMonitor provides many options for CapitalSource Bank’s customers to securely fund their new accounts, including ACH transfer from their external account at another financial institution.
Tom Honan, chief information officer at CapitalSource Bank said: “uMonitor worked closely with us to establish best practices for identification verification, fraud prevention and workflow management. We are absolutely delighted with the project management and expertise provided by the uMonitor team during deployment. We are happy to have a solution that gives our customers the convenience they want and the protection they need.”
Dinesh Sheth, CEO at uMonitor, said: “We learned from our experience deploying account opening solutions and managing projects and brought to CapitalSource Bank best practices for project success. We are proud of the end results and recognition from Mr. Honan and his team.
“They not only understood the need to invest in new and innovative technology, but also to use partnerships in a strategic way to complete the project in a timely fashion in this challenging environment.”
