CashEdge

OpenNow/FundNow^® FAQ

Market Drivers

1. Is online account opening a must-have for banks?
   Yes; According to a recent consumer survey, consumers view online account opening as a mainstream application, and 82 percent of respondents expect their bank to offer the ability to open accounts online.
2. How fast do consumers expect a new account to be ready?
   Consumers expect real-time results. As adoption of online account opening continues to grow, so does the expectation of automation and speed in other aspects of the online banking experience, and new account funding is no exception. As cited in a recent consumer survey, 73 percent of respondents expect to have same-day access to, and availability of, a newly opened account, 31 percent of which expect the account to be available immediately.

About Account Opening

1. How does CashEdge verify the identity of an applicant?
   CashEdge establishes the authenticity of a user's ID instantly, without requiring a prior relationship with the user, by combining answers to out-of-wallet questions with real-time information from industry multiple, standard and proprietary sources.
2. How does CashEdge verify the external funding account?
   CashEdge uses three primary methods, including instant and two-day methods, which combine proprietary technology and information from best-of-breed data sources to verify the account.
3. What data sources are used for identity and account verification?
   CashEdge leverages multiple industry data sources, including the leading government change of address databases, check printers and credit bureaus.
4. What percentage of applicants abandon the online application?
   In the industry of online banking, most new accounts that are opened are never funded. Typically, only 6% of accounts are funded. With CashEdge, 60% - 70% of accounts are funded.

Risk Management & Security

1. What type of risk management is provided to protect the consumer and my institution?
   OpenNow/FundNow is supported by CashEdge's risk management capabilities that leverage comprehensive, proprietary technology, and the insights gathered from managing risk for the world's largest financial institutions, helping institutions mitigate risk and decrease fraud exposure.
2. Can the solution be configured to meet my institution's specific business/risk considerations?
   CashEdge provides a flexible, robust and easy-to-use application that allows for customizable business rules enabling institutions to set their own parameters for application decisioning.
3. Does OpenNow/FundNow enable my institution to meet all federal compliance regulations?
   Yes, CashEdge's identity and account verification components enable institutions to meet regulatory requirements, including Know Your Customer, U.S. Patriot Act and Regulation CC.

Deployment and Integration

1. I already have an account opening product but do not currently have an online funding component - can CashEdge provide just that piece?
   Yes, CashEdge is the industry's preeminent provider of both instant account opening and funding services.
2. What are the integration options?
   Integration options for OpenNow/FundNow include: web services and fully-hosted.
3. How many applications does CashEdge process?
   CashEdge gathers more than $4.5 billion in new assets annually for financial institutions clients through its account opening and funding products.
4. What customer support capabilities are included with the services?
   OpenNow/FundNow comes with Compass, a web-based partner interface application, which enables the bank to streamline back-end operations and monitor the workflow for pending applications and funding completions.