CashEdge Reports Strong Market Traction With New Consumer Third Party Transfers Module
Two Top 10 Banks Will Be Among the First to Launch Third Party Transfers in 2009
New York - November 19, 2008 — CashEdge Inc. (www.cashedge.com), the provider of Intelligent Money Movement™ products for financial institutions, announced today that two of the top ten banks in the U.S. have signed on to implement its newly launched Consumer Third Party Transfers module, part of the Company's industry-leading TransferNow® Product Suite.
Leveraging the existing TransferNow infrastructure, the Third Party Transfers module enables financial institutions to offer their customers the ability to make secure online funds transfers directly from their accounts into the accounts of other individuals (such as friends and family) held at more than 23,000 banks, credit unions and brokerages via the ACH network. The product enhances financial institutions’ online offerings, improves customer satisfaction and generates incremental transaction-based revenue.
CashEdge’s newest Third Party Transfers clients are among the largest banks in the U.S., with millions of online banking users. These banks are among hundreds of financial institutions currently utilizing CashEdge products to meet consumer demands for online transactions.
According to the 2008 CashEdge Consumer Banking Survey, 88 percent of consumers expressed interest in funds transfers to other people, such as friends and family, in lieu of cash or check, using account information provided by the recipient.
“Interest in online payments among consumers is accelerating at a fast pace, and represents a huge opportunity for financial institutions,” said Neil Platt, Senior Vice President and General Manager, U.S. Banking, CashEdge. “Our new Third Party Transfers product will help financial institutions meet this growing demand, and will provide an opportunity for them to increase their share of the 18 billion consumer-to-consumer transactions that take place each year. As it is built off of our existing TransferNow platform, it is easy for financial institutions to implement and easy for their customers to adopt and navigate, making it a very attractive offering. Though just recently launched, we are already seeing tremendous interest from financial institutions of all sizes, and are looking forward to launching the module with two of our top ten bank clients in 2009.”
Launched in September 2008, Third Party Transfers is built on the Company’s industry-leading funds transfer platform, TransferNow, which has been adopted by hundreds of financial institutions and processed more than $38 Billion in online funds transfers in 2007. As with all TransferNow modules, it leverages comprehensive risk management tools that satisfy all business, risk and compliance requirements, thus enabling customers to safely transfer money from their bank accounts to those of others.
CashEdge is showcasing its Third Party Transfers product this week at the BAI Retail Delivery Conference & Expo: Nov 18, 2008 - Nov 20, 2008 in Booth #738.
To learn more about CashEdge’s Intelligent Money Movement Services, visit www.cashedge.com.
About CashEdge
CashEdge is the leader in Intelligent Money Movement™ services that enable financial institutions to engage customers in new ways. CashEdge's Intelligent Money Movement services provide a single point of access, through an online banking portal or mobile application, for multiple easy-to-use consumer and small business transfer routes. CashEdge's industry-leading products include OpenNow®/FundNow® for new account opening, TransferNow for Consumers which includes Me-to-Me Transfers and Third Party Transfers, and TransferNow for Small Businesses which includes Invoicing and Payments, Me-to-Me Transfers, Employee Payments and Vendor Payments. These products are supported by industry-leading risk management capabilities that leverage comprehensive, proprietary technology, helping institutions mitigate risk and decrease fraud exposure.
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