724 Solutions, CashEdge and Ezenet Join to Provide Integrated Wealth Management Services
Alerts and aggregation technology offer end-users personalized notifications and portfolio snap-shots to better meet financial goals
Austin, TX & Toronto, Canada – August 27, 2001 — 724 Solutions Inc. (NASDAQ: SVNX, TSE: SVN) and Ezenet Corp. (TSE: EZE) today announced an agreement to integrate alerts and aggregation with Ezenet's wealth management technology, allowing financial institutions to expand their wealth management business. In a separate agreement, 724 Solutions will integrate and market Ezenet's eWealth Management technology as part of the 724 Solutions suite of financial applications
The integrated wealth management offering will be marketed to North American financial institutions and will enable them to build long-term customer loyalty by allowing users to access all of their financial information across multiple banks and brokerages, identify and track financial goals, and receive time-sensitive alerts regarding the performance of those goals across a variety of channels, including wireline, wireless, and voice.
"As a premier provider of wireless and alerts technologies, and through its strategic relationship with CashEdge for leading aggregation technology, 724 Solutions extends our capabilities by allowing consumers to receive personalized financial information and instantaneously act upon that information," said Jay Cashmore, President and Chief Executive Officer, Ezenet. "By leveraging proven technologies from 724 Solutions and CashEdge, we are able to increase the value proposition of our comprehensive wealth management technology for financial institutions. Additionally, this relationship serves to strengthen our ongoing efforts to penetrate the broader North American market through partnering with reputable technology providers for the financial services industry."
Ezenet will expand its wealth management technology by integrating the alerts and aggregation capabilities brought together by 724 Solutions and CashEdge earlier this summer. The integrated wealth management offering will enable North American financial institutions to offer their customers the ability to consolidate financial planning information, including budgeting, risk assessment, identification of users' financial goals, and the tracking and measurement of these goals. Based upon pre-determined financial goals, financial institutions can send users an alert regarding account status, or movement of a portfolio's net worth. Acting on the alert, users can immediately initiate a transaction that ultimately takes them one step closer to meeting their long-term financial objectives.
"This agreement with Ezenet extends 724 Solutions' reach to financial institutions throughout North America by expanding the functionality of the next-generation aggregation offering we've developed with CashEdge into the area of wealth management," said Alistair Rennie, General Manager, Application Business, 724 Solutions. "Ezenet's expertise in the wealth management area allows 724 Solutions to leverage our technology in this arena, and ultimately help users plan and measure the progress of their financial goals - functions we believe are important for financial institutions looking to offer services that help increase sales and customer loyalty."
Together, the technology from Ezenet and 724 Solutions can be fully integrated into a financial institution's existing databases and legacy applications, encapsulating customer information into one manageable relationship. In addition, companies have the ability to brand the wealth management offering. Since each individual financial institution maintains the look and feel of the service, consumers experience a seamless experience as they move from their personal financial information, to financial planning tools, and personalized alerts.
"To address customer demands, financial institutions must offer a full array of services to enable consumers to meet their financial goals," said Sanjeev Dheer, Chief Executive Officer of CashEdge. "Adding an aggregation offering that includes 724 Solutions' alerts technology to Ezenet's wealth management offering means that customers have comprehensive, secure and timely personal financial management services."
About Ezenet
Ezenet (TSE:EZE) develops customer-centric technologies for financial institutions to expand their wealth management business. Ezenet's software is the first to manage and aggregate customer account information, provide personal financial planning tools and enable straight-through transaction processing. Accessible through any medium - Web, wireless, branch or agent - Ezenet technology enables financial institution customers to access current and comprehensive information about their finances and be proactive in managing their financial affairs. Ezenet's proven technologies and industry expertise have helped major financial institutions brand their image in a Web-based environment, increasing sales and building long-term customer loyalty. For more information on the company or its products, please visit www.ezenet.com.
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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