TransferNow®
TransferNow is an online funds transfer solution that enables consumers to securely transfer funds between accounts they own that are held at more than 23,000 banks, credit unions and brokerages via the ACH network.
Leveraging CashEdge's Intelligent Money Movement™ platform, TransferNow creates the opportunity for financial institutions to offer secure inter-institution funds transfer services that enhance their online offering, improve customer satisfaction and generate new transaction-based revenue streams.
TransferNow leverages CashEdge's proprietary automated identity authentication and funding account verification processes that satisfy all business, risk and compliance requirements.
Key Features
- Easy Transfers: Provides the ability to transfer funds to and from more than 23,000 financial institutions, including most banks in the United States and leading brokerages.
- Multiple Settlement Options: Provides the financial institution with multiple configuration options, including the ability for them to provide their customers with next-day and three-day settlement.
- Convenient Transfer Options: Offers multiple transfer options including one-time, recurring or future-dated transfers to meet each individual’s specific needs. Flexible sets of scheduled and recurring configuration options enable financial institutions to match their current user experience paradigm for internal transfers and bill pay.
- Robust Account Verification: Facilitates enhanced real-time verification of funding account ownership by using a combination of multiple data sources and CashEdge proprietary verification methods.
- Optimized Payments Operations: Handles all aspects of ACH processing, including exceptions, resubmissions, and inquiries; features five daily ACH submissions and the latest ACH deadline in the industry.
- Flexible Architecture: Enables seamless and tight integration with a financial institution’s existing processes and online banking environment.
- Regulation Compliance Assistance: Enables financial institutions to comply with applicable regulations including EFTA, CDD/KYC and the U.S. Patriot Act. TransferNow also meets the industry standard for maintaining the security and privacy of sensitive consumer data.
- Comprehensive Risk Management: Provides access to best-of-breed risk management tools and databases, delivering the most powerful risk management and transaction monitoring capabilities in the market.
Learn More about CashEdge Risk Management Capabilities »
Benefits to Financial Institutions
- Increased opportunity to capture assets
- Multiple settlement options
- New transaction-based revenue
- Enhanced risk monitoring capabilities
- Pleasant user experience
- Greater ROI from online channel
- Enhanced offering to attract new customers
- Increased customer satisfaction
Benefits to Consumers
- Simple transfers between accounts and third parties
- Multiple transfer speeds including next-day
- Superior user interface
- Faster than checks
Consumers use CashEdge to process nearly $50 billion in online funds transfers annually.