Meadows Partners with CashEdge to deliver next-generation Account Opening, Funding and Online Money Movement capabilities
Arlington Heights, IL – May 28, 2003 —Meadows Credit Union (www.meadowscu.com), a full service credit union based in Illinois, announced today a partnership with CashEdge (www.cashedge.com), a provider of secure Online Money Movement and Advanced Account Aggregation platforms, to enhance its online payment channel with inter-institution funds transfer, person-to-person payment, and account opening and funding technologies.
“These payment solutions empower our members to manage their finances with greater efficiency and control from any desktop in the world,” said Mike Pozzi, Executive Vice President at Meadows. “Through our early adoption of account opening and online money movement tools, Meadows is putting new and future members at a tremendous advantage. These time-saving technologies are offered by few major banks.”
Through the relationship new members can open an account with Meadows instantly through the convenience of the Internet. Members will also be able to transfer funds between any two accounts at over 23,000 financial institutions, and to send money electronically to friends, family, colleagues and businesses.
“CashEdge’s solutions provide asset gathering and revenue generation opportunities for financial institutions and transform the online medium from a servicing channel to a customer acquisition channel,” said Dilip Venkatachari, President, CashEdge Inc. “These technologies are particularly valuable for credit unions. Having moved over $125 million for our clients, we have witnessed that in the case of credit unions, for every $1.00 their members transfer out, $3.00 flow in.”
About Meadows
Meadows Credit Union is a $125 million full service financial institution, serving 20,000 members across 49 states, from its suburban Chicago headquarters. The nearly 400 corporate partners that offer Meadows as an employee benefit, find value in Meadows’ competitive pricing and service on products ranging from money markets, to home mortgages and auto loans. Meadows was a leader in the Chicago market in the introduction of online banking and electronic bill payment, and has since added numerous other electronic services which are free for its members. For more information on Meadows Credit Union, and its products and services, please visit www.meadowscu.com.
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.
Contact:
Jennifer Moritz
Zer0 to 5ive
917-748-4006
jmoritz@0to5.com