December 14, 2009

As part of its strategic expansion of new online services available to customers via the Internet, Washington Trust (Westerly, R.I.) selected Memphis-based uMonitor's online account-to-account money transfer service, uTransfer. The bank says uTransfer will complement its online initiatives by providing an easy way to move money any time in a highly secure environment.

"We wanted a solution that was easy and convenient for our customers and met our risk and security requirements," Susan Swain, VP of product and service delivery at Washington Trust, said in a press release. "uMonitor has a crisp process that focuses on both customer convenience and regulatory compliance. The company also has a very good reputation for security and risk management."

With uTransfer, Washington Trust customers will be able to visit the bank's Web site,, and initiate money transfers or set up recurring transfers. The service will be available to both existing online banking customers and to new customers who may set up transfers using uMonitor-powered multi-factor security from the bank's Web site without registering for online banking service first.

"Transactional services are a critical part of [the] bank's online strategy for increasing presence, elevating customer satisfaction and raising deposits," Dinesh Sheth, CEO, uMonitor, said in a press release. "Washington Trust understands the value of online services like uTransfer to delight its most desirable customers, and we are excited about being part of that approach."

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & ...