February 11, 2009
CashEdge reports USD 50 billion in online transactions volume, up 32% in 2008
Throughout 2008, US online funds transfer services developer CashEdge reports that customers transferred almost USD 50 billion on the internet via the company's Money Movement services. This represents a 32 percent growth compared to the transfer volume registered in 2007.
CashEdge also witnessed a 30 percent increase in the number of users turning to the company's services. CashEdge provides online financial applications for banks, credit unions and wealth management companies. It offers online account opening and funding, funds transfer and data consolidation services. The company’s products include TransferNow for Consumers, TransferNow for Small Businesses and OpenNow/FundNow for new account opening and funding.
The TransferNow for Consumers Product Suite incorporates Me-to-Me Transfers and Third Party Transfers, allowing financial institutions to provide clients with services for inter-institution transfers between their own accounts or directly to third parties. The TransferNow for Small Businesses Product Suite includes Small Business Invoicing and Payments, Employee Payments and Vendor Payments, and Small Business Me-to-Me Transfers.