Spectra Securities Software partners with CashEdge to deliver aggregated wealth management platform
Toronto, Canada – June 19, 2002 —Spectra Securities Software Inc. (“Spectra”), a leading provider of wealth management software solutions, and CashEdge Inc. (www.cashedge.com), a provider of secure online money movement and advanced account aggregation, today announced that they have teamed up to provide an integrated solution to wealth management service providers. The combined offering is available through Wealthware, Spectra’s wealth management product suite.
Utilizing CashEdge’s advanced account aggregation platform, Wealthware integrates live financial positions from thousands of Web-based sources, enabling financial institutions to provide a higher level of service and access a full picture of their clients’ financial holdings, including off-book positions held at other firms.
Wealthware augments a financial institution’s online offering by providing a comprehensive set of tools to manage their clients’ investments online, including prospecting tools, portfolio analysis, AIMR performance, and professional reporting. Clients can also view a full, real-time picture of their investments, collaborate online with their advisor, and set and receive real-time alerts for notification of events relative to their investments. Clients maintain control over which accounts their advisor has permission to view, and within each account, the level of detail the advisor can access.
“One of Spectra's core competencies is aggregating assets within a financial institution. What's really exciting about teaming with CashEdge is that that we can electronically combine aggregated assets held by other institutions with assets held within a financial institution to provide a complete picture of a client’s financial holdings,” said John McLeod, President and Chief Executive Officer, Spectra. “This allows our clients to provide enhanced service and greater value to their advisors and investors.”
"CashEdge is recognized as the leader in next generation aggregation solutions. Our application, with its focus on the depth and quality of aggregated data is especially well suited for wealth management solutions and will be revolutionary for that industry. Through our relationship with Spectra, we are bringing this new generation of aggregation solutions specifically to financial advisors and brokerage and investment companies," said Sanjeev Dheer, CEO of CashEdge.
About Spectra Securities Software
Spectra Securities Software is revolutionizing the way financial services companies do business by providing them with anywhere - anytime access to a full range of wealth management solutions. Spectra's software makes it easy for banks, brokerages, financial planners and insurance companies to grow their business and manage their clients' assets. Founded in 1989, Spectra is headquartered in Toronto, with international offices in New York and Sydney, Australia. On May 16, 2002, Sanchez Computer Associates Inc. (Nasdaq:SCAI) announced a definitive agreement to acquire Spectra. Subject to Spectra shareholder approval and customary closing conditions, Sanchez is expected to complete the transaction early third quarter. For more information about Spectra and its products, visit www.spectrasoftware.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.
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About Advancial Federal Credit Union
Advancial Federal Credit Union has been serving members since 1937. With assets of more than $500 million, Advancial is ranked in the "Top 200" among all federal credit unions in America. Based upon continued growth, Advancial's potential number of members eligible for Credit Union services exceeds 125,000 persons locally, nationally and worldwide.