Citibank.com Launches Paperless Online Account Opening
First-of-its Kind Solution Delivered Through Expanded Relationship with CashEdge
New York, NY – May 5, 2004 —Citibank today announced the introduction of complete online account opening, the latest innovation to its award-winning online banking service, Citibank.com. Using the new account-opening feature, customers can open a Citibank account through one simple online session without having to mail in paperwork and wait up to the several weeks it can take most banks to complete the process. Citibank uses technology from CashEdge to provide instant decisioning based on information derived from a variety of sources. This announcement follows the recent launch of Citibank’s Inter-Institution Transfer, or account-to-account ( A2A), service, introduced in late 2003, which allows customers to transfer funds between Citibank and their accounts at other financial institutions.
Citibank’s complete online account opening is the first solution offered by a full-service bank that fully leverages the efficiency of the Internet to provide customers with real-time decisioning and the effortless convenience of opening an account entirely online. The unique innovation enables the bank to open new accounts faster than ever before, resulting in more funded consumer accounts and lower customer acquisition costs. The service is available for opening Citibank checking accounts and can be further used across a wide array of account types including credit, brokerage and money market.
Using a sophisticated, triangulated information verification system, Citibank can instantly and reliably confirm the online applicant’s identity. The consumer can then accept account terms and conditions online, rather than having to receive paper documents, sign and return them. Consumers can arrange to have funds transferred into their new account from another account, including those at other financial institutions. Normally, the funds can be transferred electronically within two to three days. About three days after completing the application, the customer will receive a welcome kit and an ATM/debit card and can begin transacting on the account. Customers have unlimited use of Citibank’s ATMs, no-fee debit transactions and free online or telephone bill payment services. Only if a customer requests paper checks, must he or she fax or mail in a signed signature card.
Ajay Banga, President of Retail Banking North America, said, “At Citigroup, we continually seek out innovations in technology to help further develop and enhance our online financial services offerings; it’s crucial to maintaining a leadership position. Online customer acquisition is a key component of our consumer banking strategy, and this new development in online account opening has made the process more convenient and efficient.”
“We are very pleased with the quality of service we have been able to deliver to our online customers through our alliance with CashEdge,” said Catherine Palmieri, Managing Director of Citibank.com. “We anticipate it will continue to play an important role in our ability to attract new customer assets,” Ms. Palmieri added.
CashEdge, a provider of secure Online Money Movement and Advanced Account Aggregation platforms, delivers a comprehensive end-to-end solution for the online banking platform’s complete online account opening and Inter-Institution Transfer service. The technology includes front and back-end applications, transaction processing and complete risk management.
“We are delighted to have been selected by Citibank to power their complete online account opening solution. Citi's selection of CashEdge is a tremendous recognition of our technology's value," said Sanjeev Dheer, CEO of CashEdge. "One-step account opening is a cutting-edge solution, which transforms the online platform into a valuable customer acquisition channel, and will fundamentally change the way banks leverage the Internet."
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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