FundNow
New Account Funding
FundNow® is a real-time online account funding solution that enables financial institutions to increase their new account funding rate by reducing the time and complexity of the new account funding process. Prospective customers can fund a new account online in a single session through automated account ownership verification.
Typically, only 6% of new accounts are funded. With CashEdge's electronic funding solution, banks and credit unions can realize new account funded rates in excess of 65%.
Key Features:
- Quick Funding: Enables account funding via the ACH network, providing next-day funds availability and high-value transaction capabilities for added customer convenience.
- Robust Account Verification: Facilitates enhanced real-time verification of funding account ownership by using a combination of information from multiple data sources and CashEdge proprietary verification methods.
- Configurable Features and Functionality: Provides a flexible, robust and easy-to-use application, adapting to your business needs with minimal effort.
- Flexible Architecture: Enables seamless and tight integration with your existing processes and online banking environment
- Flexible Business Rules: The FundNow decision engine allows flexible and customizable business rules enabling institutions to set their own parameters for funding.
- Funding Queue and Operational Workflow: Compass, a web-based partner interface application, enables the bank to streamline and monitor the workflow for accounts with funding pending.
- Regulation Compliance Assistance: Enables financial institutions to comply with applicable regulations including EFTA, CDD/KYC and the U.S. Patriot Act. FundNow also meets the industry standard for maintaining the security and privacy of sensitive consumer data.
Benefits to Financial Institutions
- Increased account funded rate
- Quick capture of assets
- Pleasant user experience
- Integration with existing infrastructure and processes
Benefits to Consumers
- Single session funding
- Fast access to new account
- Superior customer experience