Press Release
iLumen Launches iMonitor Financial Monitoring And Benchmarking Network
New Service Provides Automated Data Gathering and Analysis for Banks and Accounting
ATLANTA, GA, February 6, 2003
iLumen Incorporated, a financial information technology company headquartered in Atlanta, today formally launched its new iMonitor® financial monitoring and benchmarking network for the banking and accounting industries. iMonitor is an automated system for gathering and analyzing financial reporting data to provide next generation standards-based benchmarking and trend analysis.
The iMonitor network is accessed through secure iMonitor-powered data portals within customer-branded Web sites. Using a proprietary account mapping engine and error management technology, iMonitor provides a simplified method for the customers of a bank or CPA firm to submit company financial information electronically and immediately receive analysis alerts and information on the financial condition of their business.
“There is an industry initiative within both banking and accounting to establish a standardized architecture for gathering and analyzing interim and annual financial data,” said Robert H. Woosley, founder and chief executive officer of iLumen. “iMonitor provides an immediate solution, not only for gathering timely, accurate and useful data, but for providing a higher degree of analytical review. It facilitates a financial communication flow between bank customers and their institution, as well as providing accounting firms with regular, up-to-date financial snapshots of their clients’ business condition.”
In operation, users upload a single report directly onto the iMonitor-powered Web site. iMonitor then uses a proprietary data collection engine to standardize and map data input, conduct analysis and perform benchmarking. Once uploaded, custom-designed alerts are sent directly to the desktop of the banker or CPA. Alerts are based on early warning indicators or related analytical-based thresholds.
“The benefits of iMonitor are significant at all levels of the financial management community,” Woosley added. “Banks can use this technology to improve credit quality and standardize the data flow necessary for risk management. iMonitor provides a mechanized system for loan compliance and helps banks meet the new mandates that have emerged in the face of tighter credit markets and increasing bank defaults.”
“The Enron and WorldCom scandals have permanently changed the climate of accounting, putting the entire industry in jeopardy and increasing auditor responsibilities dramatically,” Woosley concluded. “iMonitor gives accounting professionals an automated tool to monitor their clients and become reconnected with their business customers. It improves tax planning and streamlines the audit process. It also gives mid-market companies an efficient and cost effective means of obtaining peer group benchmarking information each time they communicate with their CPA firm.”
iMonitor will enable banks and accounting firms to provide a broad range of new and timely financial planning and analysis services. The iMonitor network is compatible with all major accounting packages and computer platforms and it integrates with a bank or CPA firm’s legacy tax, audit or credit monitoring systems. This eliminates the need for specialized account reporting and the re-keying of data, saving time and money for the bank or CPA, as well as for clients or customers.
Major banks and accounting firms throughout the U.S. have been evaluating the operational effectiveness of the iMonitor network over the past 6 months. Full-scale rollout of iMonitor is scheduled for 3rd Quarter 2003.
About iLumen
iLumen, Inc. is a financial information technology company that delivers and manages private company data gathering and analysis solutions designed to solve critical problems in risk management, financial compliance and financial oversight within the banking, accounting and corporate environments. iLumen's services are based on a proprietary (patent pending) data warehousing engine known as iMonitor® that automates and standardizes the gathering, mapping, analysis and benchmarking of electronic accounting data from private companies.
For more information visit www.ilumen.com or call 404-446-1600. iLumen™ and iMonitor® are trademarks of iLumen, Inc., all rights reserved. |
