CashEdge Surpasses $100 Million Transaction Milestone
Transfer Volume Reached In Less Than Two Years
New York, NY – November 06, 2002 —CashEdge Inc. (www.cashedge.com), a provider of secure Online Money Movement and Advanced Account Aggregation platforms, today announced that it has surpassed the $100 million transaction mark, in account-to-account transfers and third-party payments through its network. CashEdge employs the ACH network and is partnered with NYCE for use of the debit network.
"Activity has been heightened by the widespread adoption of our Online Money Movement solutions, and in particular, the popularity of Inter-Institution account-to-account or 'me-2-me' transfers," explained Dilip Venkatachari, President of CashEdge. "As financial institutions increasingly promote OMM, and users capitalize on all of its benefits, we will see transaction volumes multiply exponentially,” he added.
As consumer demand has increased, Online Money Movement has played a critical role in customer retention. In addition to rounding out a financial institution’s online banking channel, CashEdge’s funds transfer technology also provides critical reporting of consumer data, which enables financial institutions to better understand and anticipate customer transaction behavior, and to proactively market to consumers at the point of transaction.
Today’s announcement comes on the heels of CashEdge’s Overnight funds transfer capability, which is the industry’s first solution enabling financial institutions to execute immediate transfers for their customers within 24 hours. Overnight funds transfer provides an unprecedented set of real-time interfaces and risk management controls for financial institutions, as well as a web-enabled partner-support module that allows for total transparency throughout the process, audit trail access, management, and usage reports.
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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