CashEdge Launches OpenNow/FundNow Express: Online Account Opening and Funding Solution for Small/Mid-Sized Banks and Credit Unions
Proven Technology Solution Enables Small/Mid-Sized Banks and Credit Unions to Compete with Industry Leaders
New York - September 09, 2008 — CashEdge Inc. (www.cashedge.com), the leading provider of online financial applications to banks, credit unions and wealth management firms and the pioneer in online account opening and funding, announced today the launch of OpenNow/FundNow Express, an online account opening and funding solution designed specifically to enable small/mid-sized banks and credit unions to offer the same advanced online opening and funding account capabilities available at larger financial institutions.
OpenNow⁄FundNow Express is the newest addition to CashEdge’s OpenNow/FundNow product suite, the industry—leading solution that in 2007 processed more than 1.7 million online applications on behalf of CashEdge’s bank and credit union clients
OpenNow⁄FundNow Express provides institutions with the proven technology and benefits of OpenNow⁄FundNow - including instant ID verification using best of breed data sources, real—time account verification, multiple electronic funding options and comprehensive risk management services. The solution is simple, turnkey, and cost—effective, enabling small⁄mid-sized banks and credit unions to go to market in as little as two weeks, quickly increasing their new account acquisition and new account funding rates.
“With nearly 73 percent of consumers preferring to open and fund accounts online, we wanted to create a solution to enable small and mid-sized banks, and credit unions to capitalize on this opportunity, without having to commit a significant amount of internal resources to the process,” said Sanjeev Dheer, CEO, CashEdge. “OpenNow/FundNow Express is a cost-effective, easy-to-implement solution that enables financial institutions in this valuable segment of the marketplace to compete with the industry leaders while realizing an immediate and positive return on their investment. This product puts online account opening within the reach of every financial institution.”
Central Pacific Bank, Hawaii's third largest commercial bank with 39 branch offices statewide and $5 billion in assets, recently launched OpenNow/FundNow Express.
“Providing online account opening satisfies a rapidly growing customer demand for conducting and managing financial affairs on the Internet,” said Wayne Kirihara, Senior Vice President of Alternative Delivery Channels at Central Pacific Bank. “CashEdge's OpenNow/FundNow solution makes it possible for a customer to open and fund an account online in as little as seven minutes, without having to visit a branch. We are pleased to be able to partner with CashEdge, the leader in this industry, to offer this convenient and secure service to our customers.”
As a fully hosted ASP solution, OpenNow/FundNow Express is highly scalable and flexible, and can also be easily upgraded to the standard OpenNow/FundNow product to meet growing account opening and funding needs.
To learn more about OpenNow/FundNow Express, visit www.cashedge.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.
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