January 06, 2009 Hickory Hills, Ill.-based Standard Bank and Trust has selected an online account opening and funding solution from uMonitor (Memphis), provider of banking customer acquisition and retention solutions.

Standard Bank and Trust will implement uMonitor's uOpen & uFund solution, which will enable the bank's customers to open and fund new accounts from their homes or offices. uOpen & uFund enables the bank to offer deposit and savings accounts through its online channel, allowing them to increase deposits and onboard new customers. Standard customers will have 24x7 access to the bank's checking, savings, money market and CD products and diverse funding options. The solution reduces the cost of processing each application, decreases the amount of processing errors and offers real time decisioning. It also includes uSwitch, an online financial relationship switch kit, providing an easier way for customers to close outside accounts and switch direct deposits and automatic payments, according to the company. uOpen & uFund will help Standard Bank and Trust stay compliant with the USA PATRIOT Act and the new FACT Act requirements. The solution also enables the bank to perform online customer ID verification, ID authentication and OFAC checks in real time, performs credit checks on applicants, offers the option to assign the nearest branch to the applicant and automates account set up in its core banking platform. uOpen & uFund even allows a unique application to be created for existing customers with pre-filled personal information and cross sell and up sell offerings.