U of C Federal Credit Union Selects CashEdge Instant Account Opening, New Account Funding, Inter-Institution Transfer, and Financial Account Consolidation Solutions
OpenNowT, FundNowT, TransferNowT, and AggregateNowT Empower Credit Union to Enhance Efficiency, Improve Service and Increase Member Acquisition
New York, NY – July 27, 2005 —CashEdge Inc. (www.cashedge.comwww.cashedge.comit Union (www.uofcfcu.com), Colorado's third largest credit union, to implement Instant Account Opening, New Account Funding, Inter-Institution Transfer and Financial Account Consolidation. These solutions, offered through the CashEdge Credit Union Suite, will enable U of C Federal Credit Union to instantly accelerate its online profitability and member satisfaction.
OpenNow / FundNow
OpenNow is an online account enrollment, authorization and validation product. FundNow provides a risk-managed service for instantly and securely funding new accounts online. Together, the solutions increase new account completion rates by reducing the time and complexity of opening and funding a new account. Prospective members can apply for, be approved for and fund a new account in one single session through an automated authentication and verification process.
TransferNow
TransferNow enables financial institutions to deploy secure online money transfer services that attract new assets and generate new revenue streams. Using TransferNow, U of C Federal Credit Union members can transfer money securely to and from family, friends and associates at any of 23,000 financial institutions. Supported by CashEdge's comprehensive risk management capabilities, TransferNow automates the authentication of the account, and moves funds in a risk-managed fashion via multiple payment networks.
AggregateNow
AggregateNow enables members to use the U of C Federal Credit Union online site as a personal financial hub for gathering actionable marketing insight. Unlike generic aggregation solutions that "scrape" data, AggregateNow harvests historical, transaction-level detail from the widest range of sources in the industry. AggregateNow supports an open architecture - the data is easily integrated into third party applications using a batch file or XML API.
"We are very excited about the implementation of these solutions. U of C FCU has a very tech savvy membership - more than 90% of their members use the Internet and 45% are already banking online. We expect the operational efficiencies and member benefits will be dramatic," stated Sanjeev Dheer, chief executive officer of CashEdge. "By implementing all of these solutions, U of C FCU can now offer all of the services available in their branches through their online banking platform," he added. (more) Online members are particularly attractive to credit unions because they are less costly to acquire and more profitable, maintaining higher account balances, utilizing more services and exhibiting higher overall account activity.
"OpenNow and FundNow alone, will have a huge recurring impact on our bottom line. We enroll up to 2,800 incoming college freshmen every year. By directing those members online, we can save ourselves a tremendous amount of time and money," said Rich Jones, Vice President of Marketing at U of C Federal Credit Union. "Our objective at U of C FCU is to become the primary financial portal for all of our members. This relationship is a perfect fit for attaining that goal. It provides both short- and long-term return on investment as well as a competitive advantage and deeper member relationships. Although we looked at other vendors, CashEdge's experience, leadership and risk management process drove our decision. CashEdge enables our online banking presence to be fully functional, while assuming all of the risk," Jones added.
OpenNow, FundNow, TransferNow, and AggregateNow are available for both banks and credit unions as stand-alone solutions or as part of CashEdge's comprehensive Bank Suite and Credit Union Suite.
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
About U of C Federal Credit Union
U of C Federal Credit Union is a member-owned, not-for-profit banking retailer serving Boulder, Broomfield and surrounding Counties for over 50 years. The Credit Union provides objective consumer advice and personal banking products and services through a network of branches, ATMs, www.uofcfcu.com and service centers throughout the United States. U of C Federal Credit Union serves over 76,000 members and has over $670 million in assets. Voted "Best Financial Institution" six years in a row, U of C Federal Credit Union is committed to the financial success of its members and the entire community. To learn more about U of C Federal Credit Union, visit the web site at www.uofcfcu.com.