NEW YORK, March 16, 2005 (PRIMEZONE) -- CashEdge, the leading provider of online financial applications, today announced the launch of TransferNow 2.0, the expanded and updated release of its inter-institution funds transfer product. New functionality includes online funds transfer to accounts owned by other people, as well as future-dated and recurring transfers. TransferNow 2.0 also features new automatic account ownership verification. CashEdge is the only company to offer these features.
"TransferNow has been extremely well-received by the financial community and we expect the 2.0 version to enhance further user satisfaction and adoption rates. CashEdge is committed to providing the greatest value to our clients by continually advancing our technology and enhancing our risk-management capabilities. We are very pleased to roll-out this latest round of innovations," stated Sanjeev Dheer, CEO of CashEdge. "By offering automatic account ownership verification, as well as third-party, scheduled and recurring transfers, TransferNow 2.0 takes the customer experience to the next level. The enhanced capabilities of TransferNow 2.0 will allow, for instance, parents to easily transfer a set amount to a child at college, or schedule automatic deposits into an investment account every month. With the rapid adoption of inter-institution funds transfer, the ability to transfer money to other people, to make recurring transfers and to schedule transfers for future dates is a logical evolution."
TransferNow, the industry's leading inter-institution funds transfer product, is used by more than 200 financial institutions across the nation. With TransferNow, a financial institution's customers can transfer money between accounts held at any of more than 23,000 banks, credit unions and brokerages. TransferNow automates the authentication of the user and the accounts, manages risk and moves funds, without exposing the financial institution to any transaction risks.
TransferNow is available in tailored versions for banks, credit unions and other financial institutions as a stand-alone application or as part of CashEdge's comprehensive Bank Suite, Credit Union Suite and Wealth Management Suite.
About CashEdge
CashEdge(R) provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
CashEdge serves more than 200 leading financial institutions, including such leading institutions as Bank of America, Citibank, Royal Bank of Canada and The Vanguard Group. CashEdge has offices in New York and Silicon Valley. For more information, please visit our Web site at www.cashedge.com.