US online banking services provider uMonitor enters a partnership with financial technology company BANKDetect to integrate and market their services jointly for their financial industry customers.
Under the terms of the agreement, uMonitor’s online account opening and funding service uOpen & uFund is to incorporate a series of ID control tools from BANKDetect in order to meet government regulatory compliance standards. Among the security measures to be implemented are the verification of customer name, address, telephone number, area code and social security number, as well as a series of indicators which have been designed to prevent identity theft, generically known as ‘red flags’.
Representatives of the two companies indicate that the joint uMonitor and BANKDetect financial services package mainly targets community banks and credit unions, aiming to achieve integration with the latter’s existing core processing platforms, online banking services and loan approval systems. Also, the combined uMonitor and BANKDetect service also aims to allow financial companies to accumulate the amount of customer information needed to prevent identity theft and deploy anti-money laundering measures.
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