NEW YORK, Aug. 13, 2007 (PRIME NEWSWIRE) -- CashEdge, a provider of online financial applications, today announced that it has been selected by Principal Bank, a member of the Principal Financial Group(r), to augment its online channel with inter-institution transfer technology. CashEdge's online money movement solution permits end-users to transfer funds back and forth between their primary account and their accounts at other institutions, and also to send money electronically to friends, colleagues and businesses on a one-time or recurring basis.
"We are pleased to have been selected by Principal Bank to power their online money movement solution," said CashEdge CEO Sanjeev Dheer. "The addition of our inter-institution transfer functionality is a natural extension of Principal Bank's online banking channel. We are confident that the added utility this technology delivers will result in even greater customer usage of their online payments suite."
CashEdge's TransferNow technology enables financial institutions to deploy secure online money transfer services that attract new assets and generate new revenue streams. Using TransferNow, Principal Bank customers can transfer money securely to and from family, friends and associates at any of 23,000 banks, credit unions, and brokerages nationwide from their Principal Bank log-in. Supported by CashEdge's comprehensive risk management capabilities, TransferNow automates the authentication of the account, and moves funds in a risk-managed fashion via the ACH network.
"CashEdge's technology is an important part of our online payments suite," said Art Bacci, president of Principal Bank. "Principal Bank strives to provide our customer with the best available online banking solutions. By empowering our customers to securely move money between their accounts, and to and from individuals, we are adding greater convenience and efficiency to their online banking experience."
TransferNow is available for both banks and credit unions as a stand-alone solution or as part of CashEdge's comprehensive Bank Suite and Credit Union 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. Working with CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
Recognized by Inc. magazine as one of the 500 fastest growing private companies in the United States, CashEdge currently serves more than 600 leading financial institutions, including five of the top ten banks. CashEdge has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com.
The CashEdge logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2019
About Principal Bank
Principal Bank, a member of the Principal Financial Group(r), is an FDIC-insured federal savings bank, offering customers traditional and innovative banking products and services through the Internet, telephone (personal bankers available 24 hours a day, 365 days a year), U.S. mail and a nationwide network of ATMs.
About the Principal Financial Group
The Principal Financial Group(r) (The Principal(r))(1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $282.1 billion in assets under management(2) and serves some 18.1 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
(1) "The Principal Financial Group" and "The Principal" are registered
service marks of Principal Financial Services, Inc., a member of
the Principal Financial Group.
(2) As of June 30, 2007