CashEdge Launches Small Business Suite for Financial Institutions
-Direct deposit, B2B payments, invoicing and customer payments go online for small business customers
-New suite designed to provide simple, low-cost payment services for small businesses
New York, NY – October 26, 2005 —CashEdge Inc. (www.cashedge.com), the leading provider of online financial applications, today announced the availability of its Small Business Suite of products, which includes Small Business Invoicing and Small Business Transfers. The products enable financial institutions to provide more efficient and cost effective payment services to the lucrative small-business market. The Small Business Suite is the only service to offer customer invoicing and payments through an easy-to-use, secure online application.
"We are excited to bring our new Small Business products to financial institutions who are interested in attracting and retaining small business customers," stated Sanjeev Dheer, chief executive officer of CashEdge. "Small business represents more than 99 percent of all employers, and is a market that historically has been important to banks and credit unions. Our suite is particularly well suited for serving those businesses under $10 million in annual revenues. This segment is an active user of online banking, but has not adopted existing Cash Management services, which are oriented toward larger businesses. CashEdge's Small Business products make it easier and more profitable to serve this important customer base." According to the Consumer Bankers Association 2004 Study of Cash Management Products for Small Business Clients, only 14% of 350,000 small business accounts at a $100 billion bank utilize cash management products.
The Small Business Suite leverages CashEdge's secure technology platform, which is currently used in more than 300 institutions including four of the top 10 banks and seven of the top 50 credit unions. The small business products include:
Small Business Invoicing - provides secure, online invoicing and customer payment services
Small Business Transfers - provides secure, online employee direct deposit and B2B payment services
The suite is supported by CashEdge's unique risk management capabilities, ensuring that all transactions are monitored in real time.
The Small Business Suite provides financial institutions with an additional revenue opportunity, and the ability to improve customer service and retention.
"Payments are a priority within the highly competitive small business market," commented Dheer. "This is an opportunity for financial institutions to cement their small business customer relationships even further by providing services that add value."
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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