January 29, 2009
In 2008, CashEdge accumulates over USD 4.5 billion in new assets
Throughout 2008, US online funds transfer services developer CashEdge has gathered more than USD 4.5 billion in assets for its financial institution customers with the help of OpenNow/FundNow and OpenNow/FundNow Express products.
This represents a 27 percent increase compared to the asset value reported by the company in 2007. OpenNow/FundNow and OpenNow/FundNow Express are two online account opening and funding products. The first allows an institution's customers to apply and fund a new account in one online session via an automated, remote identity verification and electronic account funding process.
OpenNow/FundNow Express is an online account and funding product aimed at small and mid-sized institutions, allowing for customers to complete the application and funding initiation in a single session. CashEdge's OpenNow/FundNow products processed almost 1.75 million new account applications in 2007. Almost 600 financial institutions across the US utilise CashEdge services.