Online financial services provider uMonitor has teamed up with Communication Federal Credit Union to provide the latter with its account opening and funding solution, uOpen & uFund.
Under the deal, the credit union has leveraged uMonitor’s reseller arrangement with Equifax to integrate Equifax Secure's eIDverifier remote authentication service with the online account opening and funding service.
uOpen & uFund will enable Communication FCU to allow new and existing members to apply for multiple deposit accounts and fund them online in a single online session. Combined with eIDverifier, the solution will help Communication FCU comply with the USA Patriot Act and FACT Act Red Flag requirements and meet NCUA, FFIEC and FCRA guidelines.
Additionally, Communication FCU is set to employ uSwitch, a switch kit that gives members the ability to transfer all of their financial relationships to the credit union via the internet.
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