Corillian and CashEdge Partner to Provide Financial Institutions with Integrated Banking and Aggregation Platform
Bank of Stockton is First Client to Offer the New Comprehensive Online Banking Channel
Portland, OR & New York, NY – November 19, 2002 —Corillian Corp. (Nasdaq:CORI), a leading global provider of eFinance solutions, and CashEdge, (www.cashedge.com) a provider of secure Online Money Movement and Advanced Account Aggregation platforms, today announced a partnership to provide a fully integrated aggregation and Internet banking platform for Corillian's financial institution clients. Bank of Stockton, a $1.3 billion bank located in Stockton, Calif., will be the first client to leverage the new service.
Corillian has integrated CashEdge's Advanced Aggregation platform into its Corillian OneSource Register (OSR) aggregation and online register application on the Corillian Voyager Internet banking platform. Through Corillian OSR, Bank of Stockton and other financial institutions will be able to "source" consumer financial information from over 6,000 banks, credit card companies and other financial institutions via the OFX standard used for Internet financial services, or by other proprietary means. This integrated service will give consumers quick, real-time access to all of their financial information in a customizable presentation.
"Our customers are always looking for better ways to manage their finances online," said Douglas Eberhardt, president and CEO of Bank of Stockton. "With the integration of CashEdge's Advanced Aggregation platform into the Corillian Voyager Internet banking platform, we can enable our customers to have a real-time view of their financial status from many different financial institutions - not just those accounts they have with Bank of Stockton. Better still, through Corillian OSR, we can allow customers to customize their aggregated financial information in a way that makes the most sense for them."
"Bank of Stockton strives to be both a customer service and technology leader with our online banking service. We feel that our customers, faced with less time in the day, are turning to the convenience of Internet banking to simplify the management of their finances. When we can use technology to make it more convenient and accessible for them, we feel we are building a stronger relationship with our customers. The partnership with Corillian and CashEdge allows us to do just that," Eberhardt added.
One part data aggregation engine and one part detailed, customer-driven check register, Corillian OSR provides customers quick, real-time access to all of their financial information. Corillian OSR enables the aggregation of accounts from many different financial institutions and creates a customizable check register that enables users not only to view their net worth in real-time, but also to view and reconcile bill payments from the convenience of a personal computer or Internet-enabled device.
"We are thrilled that Bank of Stockton has selected CashEdge to augment their Corillian Internet banking platform," said Sanjeev Dheer, CEO of CashEdge "A prerequisite to our delivery of aggregation technology was that the reliability of the information be unsurpassed. Bank of Stockton and Corillian's selection of CashEdge as a strategic partner is a tremendous endorsement of our platform, which uses consistent normalized formats - a far superior method of aggregation to conventional screen scraping. The flexibility of the integrated platform will provide Bank of Stockton customers with the ultimate view of their financial picture."
CashEdge's Advanced Aggregation platform enables financial institutions to create a convenient personal financial hub for customers, gather actionable marketing insight, and power value-added applications. Unlike generic aggregation solutions that "scrape" data as-is from the Web, CashEdge creates a flexible repository of client financial information by harvesting, normalizing, and enhancing historical, transaction-level detail from any source, be it a web-based financial institution, internal client information, or a third party resource.
"The integration of CashEdge's Advanced Account Aggregation Platform with Corillian OSR at Bank of Stockton combines the convenience of financial account aggregation with the intelligence of server-side register functionality and customization," said Alex Hart, president and CEO of Corillian. "Bank of Stockton, believing that technology is service enhancement, not service abandonment, has been one of our most progressive customers in investing in the online channel to provide innovative services to their customers. This service will give Bank of Stockton's customers convenient access to all of their financial information with the ability to control and customize how that information is presented to them."
About Bank of Stockton
Bank of Stockton, with more than $1 billion in assets, is a leading regional independent bank headquartered in Stockton, California. Bank of Stockton provides a full range of personal and business banking, and trust and investment services through a network of over 12 branches. For more information visit Bank of Stockton on the World Wide Web at www.bankofstockton.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:
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About Corillian Corporation
Based in Oregon, and with international offices in Europe and Asia, Corillian Corporation is an award-winning provider of eFinance-enabling software for the financial services industry. Built on the Microsoft Windows 2000 platform, Corillian applications support Internet banking, bill delivery and payment, wealth management, customer relationship management, campaign management, credit cards, enhanced data aggregation, personalization, small business transactions and many other online functions. Corillian Voyager can be deployed on-site at the financial institution or in Corillian's data center. Corillian also offers Corillian Voyager SE, a subscription-based Web service that leverages Corillian Voyager technology in a hosted environment. Corillian technology also enables Open Financial Exchange (OFX) access by finance management software packages such as Quicken(R), QuickBooks(R), Microsoft(R) Money and Microsoft Money Explorer. For more information about Corillian Corporation, visit the company's Web site at http://www.corillian.com.