724 Solutions and CashEdge Team to Provide Next-Generation Aggregation Technology Newest solution combines advanced aggregation technology with actionable alerts and wireless access to create a flexible, multi-featured platform for financial institutions
Austin, TX – July 3, 2001 —724 Solutions Inc. and CashEdge Inc. announced today that they have teamed to deliver a powerful new financial aggregation solution for financial institutions that offers wireless accessibility, actionable alerts, and a range of customization options that provide financial institutions with greater control over system branding and implementation. Financial institutions will also have the option of hosting all or part of the solution themselves, and the ability to develop more extensive customer profile data. The new aggregation platform will be marketed by both companies.
"724 Solutions is developing innovative approaches for financial institutions seeking the ultimate in wireless aggregation capability. By combining CashEdge's advanced aggregation technology with our aggregation experience and wireless and actionable alerts capabilities, we have created what we believe is the most feature-rich aggregation product in the market today," said John Sims, Chief Executive Officer, 724 Solutions.
"The combined solution includes tools and normalized data to power actionable alerts, financial advice engines, and customer relationship management (CRM) platforms - which we view as crucial for financial institutions who are looking to achieve a positive return on investment from their aggregation offering," he added. "Adopting CashEdge's aggregation technology and investing in the company gives 724 Solutions the freedom to focus on our core strengths of enabling secure mobile transactions, while allowing us to deliver a highly functional and valuable aggregation product."
Features of the combined product include:
- Financial Dashboard: CashEdge's account management tool gives consumers a single view of all of their key relationship information - including account balances and transaction histories - regardless of how many financial institutions they do business with;
- Personalized actionable alerts: powered by 724 Solutions' alerts technology, consumers can be notified by phone or on the Internet-enabled device of their choice when transactions have been completed, or when their credit card balances hit pre-set highs or lows, etc;
- Mobile access: because consumers are increasingly mobile and are accessing the Internet and Internet-based services using everything from PCs to digital mobile phones, personal digital assistant and pagers, 724 Solutions has developed award-winning wireless capability that allows consumers to access the offering over virtually any Internet-enabled device;
- Rapid deployment: the solution is available today in a hosted environment, enabling financial institutions to get up-and-running quickly; both companies are collaborating on offering an enterprise version of the solution that will be available shortly.
"We are seeing a dramatic increase in demand for aggregation platforms that can go beyond the basic ability to passively monitor accounts on a desktop screen. Financial institutions realize that aggregation services can be profitable, but only if they are combined with a range of other attractive features that add value and functionality in the eyes of the retail customer," said Sanjeev Dheer, Chief Executive Officer of Cash Edge.
"This new aggregation service we have developed with 724 Solutions is a major step toward our vision of creating advanced technologies that provide people with comprehensive and secure personal financial management services."
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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