CashEdge Announces Agreement with Yahoo! to Provide Online Funds Transfer Service on Yahoo! Finance
Enables Consumers to Move Money Easily, Quickly and Securely Between Accounts at over 23,000 Financial Institutions in U.S.
New York, NY & Milpitas, CA – January 18, 2001 —CashEdge Inc., a leader in the fast-growing market for Internet-based personal finance management solutions, today announced that it is working with Yahoo! Inc. (Nasdaq: YHOO), a leading global Internet communications, commerce and media company, to provide its Funds Transfer service on Yahoo!® Finance (http://finance.yahoo.com). Beginning today, Yahoo! Finance consumers can transfer funds between their banking, savings, brokerage, credit union, money market and other financial accounts throughout the United States. With this new, free service, they have the ability to act on their financial account information and transfer money among accounts.
"This agreement exposes CashEdge to Yahoo!'s millions of consumers, and helps to further our goal of becoming the personal financial management platform of choice for both consumers and financial institutions," said Sanjeev Dheer, CEO of CashEdge. "And with the inherent depth and flexibility of our platform and its underlying technology, our objective is to become the preeminent private label provider of transaction and Funds Transfer capabilities to financial institutions."
"Enabling Yahoo! Finance consumers to transfer funds is a natural extension of our goal to provide consumers with the tools and services they need to manage their personal finances in one convenient location," said Tim Sheehan, director of production, Yahoo! Finance. "Together with CashEdge, we're pleased to save consumers time and hassle by seamlessly and securely moving money from one account to another."
"Banks, brokerage firms, portals and other financial service companies and online destinations continue to search for new ways to interact with existing customers and to attract new ones," said Dilip Venkatachari, President of CashEdge. "Our Funds Transfer technology is the newest in a suite of personal financial management services that enables us to work with companies such as Yahoo!, to provide a customized, one-stop financial destination for consumers."
Market Demand
As Internet usage grows, increasing numbers of consumers are using the Web to manage their personal finances. According to a September 2000 Morgan Stanley Dean Witter report, by 2003, online assets will reach $3.1 trillion, and 70 percent of Internet users will be managing their finances online. The MSDW report states that the future of the field lies in applications that leverage aggregated data, the most powerful of which is the ability to transfer funds from one account to another. It cites a recent survey by Star Systems that found that 89 percent of consumers consider Funds Transfer important to them as part of a financial account aggregation service, and notes that CashEdge is the only aggregator currently offering Funds Transfer capability.
A Robust Risk Management Process
A defining aspect of CashEdge's Funds Transfer product is a complete set of integrated risk management solutions. The company employs a variety of methods to ensure the security of the Funds Transfer process by encrypting all data and restricting access to sensitive information. The service employs 128-bit SSL encryption, which is the strongest form available. The company has built a total risk management process that includes identity authentication, account validation, transaction limits and customer insurance.
By assuming the liability and providing expertise in managing risk, CashEdge offers its partners a unique value: a complete, easily deployable product that will add value to both the consumer and the distribution partner, without requiring significant internal development.
About CashEdge
CashEdge® provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
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