NEW YORK, Feb. 11, 2008 (PRIME NEWSWIRE) -- CashEdge, Inc. (www.cashedge.com), a provider of online financial applications, today announced the issuance of U.S. Patent numbered 7,321,875 entitled "Method and Apparatus for Implementing Financial Transactions." Issued on January 22nd, the U.S. patent describes the Company's method for executing a funds transfer transaction. The Company's technology allows individuals to transfer funds between their accounts housed at different financial institutions and to fund new accounts at new financial institutions.
"The patent for implementing financial transactions validates CashEdge's pioneering role in developing the account-to-account transfer and new account funding products that are built on CashEdge's payments platform. In addition, the patent lays the groundwork for our next generation payment platform that enables transfers across multiple payment networks," said CashEdge Vice President of Marketing Jeremy Sokolic. "CashEdge continues to be the industry pioneer, innovating in the online money movement space."
The method provides for the use of a third party financial management system to withdraw assets from an account at one financial institution, and a deposit of those withdrawn assets into a second account at a second financial institution. A debit instruction is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets. The withdrawal and deposit of assets can be implemented using one or more payment networks, debit networks, or a wire transfer between the two financial institutions.
About CashEdge
CashEdge(r) provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, 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.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
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The above contains statements that are based on subjective views, opinions or beliefs of the management. The data provided herein is based solely on CashEdge's solutions and does not relate to any specific financial institution or client or the industry.