CASHEDGE SIGNS FIRST ROUND OF BANKS FOR Popmoney™
Four Financial Institutions to Add Popmoney in 2009; CashEdge to Showcase Popmoney at Finovate 2009
New York – Sept. 29, 2009 — CashEdge, Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement™ services, announced today that four financial institutions, including a top 10 bank, are adding Popmoney™ (www.popmoney.com) to their customer offerings. All are expected to be live with the new service by the end of 2009. Popmoney is the first email and mobile person-to-person payments (P2P) service for banks.
Popmoney, which was launched in June 2009, allows bank customers to send an electronic payment, from within the online or mobile banking site, by simply using the email address or mobile phone number of the recipient. Likewise, the recipients of the payment can receive the funds directly into their bank account. Popmoney includes an SMS text messaging application, as well as downloadable mobile applications, enabling banks to extend their P2P functionality to mobile phones.
CashEdge will demo Popmoney for the banking industry on Sept. 29, 2009 in New York at Finovate 2009, the first demo-focused conference in financial technology. To learn more about CashEdge's presence at Finovate, visit: http://www.finovate.com/flagship09.
"We are very excited about the strong interest we are seeing from the banks in offering Popmoney," said Sanjeev Dheer, CEO and President, CashEdge Inc. "We believe that this interest is a function of the growing market demand for email and mobile payments as well as the strong belief among banks that such a service should be part of the customer's existing online or mobile banking relationship. There is no question in our mind that this bank-centric P2P model is the way of the future."
Popmoney leverages the proven reliability, security and robustness of CashEdge's money movement platform, which in 2008 processed nearly $50 billion in online funds transfers for bank customers. For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service.
About CashEdge
CashEdge is the leader in Intelligent Money Movement™ services providing innovative payment solutions to financial institutions for their retail and small business banking customers. CashEdge's services include mobile and online person-to-person (P2P) payments and small business payments. CashEdge currently serves hundreds of leading financial institutions, including seven of the ten largest banks in the country.
CashEdge's industry leading products include Popmoney™ for person-to-person payments; OpenNow®/FundNow® for new account opening and funding; TransferNow® for Consumers, which includes Me-to-Me Transfers and Third Party Transfers; and TransferNow® for Small Businesses, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments. All CashEdge products are supported by industry-leading risk management capabilities that leverage proprietary technology to help financial institutions mitigate risk and decrease fraud exposure.
The Company is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.