CashEdge Signs Agreement With DirectAdvice to Jointly Market Aggregation and Funds Transfer With Online Financial Advice and Planning
New York, NY & Milpitas, CA – April 4, 2001 —CashEdge, a leader in the fast-growing market for Internet-based personal finance management solutions for banks, financial institutions and portals, and DirectAdvice, a provider of online financial advice and planning services, announced today the signing of an agreement whereby CashEdge will be the preferred financial account aggregation and funds transfer provider for DirectAdvice's retail finance clients. Reciprocally, DirectAdvice will be the preferred provider of online financial planning to CashEdge's clients. The agreement -a first for the industry- enables both companies to market a complete online personal financial management solution to their respective financial clients.
Online financial planning combined with funds transfer capability represents an enormous leap forward from basic account aggregation. CashEdge's unique proprietary funds transfer technology, together with DirectAdvice's comprehensive and customizable approach to personal financial planning, will enable consumers to view, manage and act on their account information, based on their own personal resources and objectives.
"Banks and financial institutions recognize that account aggregation alone is not the entire picture," declared Sanjeev Dheer, CEO of CashEdge. "To satisfy consumers' growing demand for efficient online transaction capability and stay competitive, retail financial service providers must combine aggregation with other value-added services, and financial advice is among the most important."
"DirectAdvice's online financial planning technology is clearly one of the most sophisticated on the market. With CashEdge's funds transfer capability, it creates a powerful combination that will attract new customers to both our companies," he concluded.
"We selected CashEdge to be our preferred provider because we share a very focused approach to servicing the financial market," explained Brian Hollander, President and CEO of DirectAdvice. "CashEdge has superior data integrity, system architecture and data encryption. Also, the breadth and depth of information they are able to capture works perfectly with our emphasis on extensive personal financial data gathering, and this ensures that our advice and recommendations will be as precise and personalized to each customer as they can be."
CashEdge's account aggregation platform allows consumers to enjoy single sign-on, one-stop access to their online accounts such as checking, savings, credit card, brokerage and mutual funds. With CashEdge and DirectAdvice's combined services, financial institutions and other relevant organizations will be able to offer their customers a complete suite of personal finance management solutions that will enable customers to make informed financial decisions, and move their money to implement those decisions.
CashEdge and its partners take the measures necessary to ensure the security and confidentiality of customer account information, and a defining aspect of CashEdge's funds transfer technology is a complete set of integrated risk management solutions surrounding money movement. The company has created a total risk management process that includes identity authentication, account validation, transaction limits and customer insurance. CashEdge utilizes a variety of methods to ensure the security of the funds transfer process by encrypting all data and restricting access to sensitive information. The company employs 128-bit SSL encryption, one of the strongest forms available.
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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