BANK OF THE WEST LAUNCHES INDUSTRY-LEADING ONLINE ACCOUNT OPENING AND FUNDING SOLUTION FROM CASHEDGE
Enhanced Online Offering Helps to Increase Account Acquisition and Capture New Assets
New York, NY – May 13, 2009 — CashEdge Inc. (www.cashedge.com), the leader in Intelligent Money Movement™ products for financial institutions, announced today that Bank of the West, one of the 30 largest banks in the United States, has launched CashEdge’s online account opening and funding solution for its retail banking customers. OpenNow®/FundNow® will enable Bank of the West to capture prospects in real time by opening and funding new accounts through a single session on its website.
"There is a large demand in the market for increased online banking capabilities. We want to provide our customers with a proven and reliable solution that would enhance their online banking experience, which is why we selected CashEdge for our online account opening and funding services," said Matthew Macomber, Executive Vice President and Internet Channel Banking Executive for Bank of the West. "With the enhanced functionality of OpenNow/FundNow, we now can offer Bank of the West customers an online, self-service option for fast, secure account opening and funding."
According to the 2008 CashEdge Consumer Survey, consumers consider online account opening a mainstream application, and 82 percent of respondents expect their bank to offer the ability to open accounts online. Today, an estimated 71 million people in the U.S. currently use online banking and this number continues to grow. (Gartner, 2008)
"Bank of the West is dedicated to providing a simple, convenient and secure online financial experience for its customers," said Neil Platt, Senior Vice President and General Manager, Banking, of CashEdge, Inc. "Our OpenNow/FundNow suite enables Bank of the West to integrate a flexible, cost-effective account opening and funding solution that will improve the customer experience, maximize new account completion rates, and increase customer acquisition – all resulting in a stronger ROI for the bank’s newly enhanced online channel."
By leveraging CashEdge’s OpenNow/FundNow product suite, which gathered more than $4.5 billion in new assets for clients in 2008 alone, financial institutions can cost-effectively scale customer acquisition, improve the customer experience and increase account close and funded rates up to 60+ percent.
All of CashEdge’s Intelligent Money Movement services are supported by the Company’s risk management capabilities. CashEdge services are currently used at more than 600 financial institutions in the U.S., including 23 of the top 100 banks.
About Bank of the West
Based in San Francisco, $66 billion-asset Bank of the West (www.bankofthewest.com) is one of the largest commercial banks headquartered in the Western U.S. The bank, founded in 1874, has more than 700 branch banking locations and commercial banking offices in 19 Western and Midwestern states. Bank of the West's holding company, BancWest Corporation, is a wholly owned subsidiary of BNP Paribas, a leading global financial services institution and one of the world’s six highest rated banks, according to Standard & Poor's. To learn more about Bank of the West contact Jim Cole, VP Corporate Communications, (415) 399-8268 or jim.cole@bankofthewest.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.
CashEdge currently serves hundreds of leading financial institutions, including the majority of the nation’s largest banks. The Company has offices in New York, Silicon Valley and India. For more information, visit www.cashedge.com.