NEW YORK, Jan. 7, 2008 (PRIME NEWSWIRE) -- CashEdge, Inc. (www.cashedge.com), the pre-eminent provider of online funds transfer and the pioneer behind opening and funding accounts online, announced today that it closed 15 new deals with Top 75 banks in 2007. CashEdge technology solutions include online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation.
"We are very pleased by our sales growth and the ongoing strong demand for our solutions," said Sanjeev Dheer, CEO of CashEdge. "We are seeing a consistent trend of banks enhancing their online channel with best-of-breed solutions. Four of the five largest banks have adopted CashEdge solutions, and now we are seeing the next tier of banks follow their lead," he added.
"An increasing number of US banks will implement online account opening, funding, and funds transfer capabilities in 2008," said George Tubin, Research Director at TowerGroup. "Today the majority of consumer banking service transactions are conducted online, and most U.S. banks are outsourcing their account opening and funding technology to meet the demand. This allows them to implement more quickly, adopt improvements sooner, and manage the risk of online money movement more effectively."
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 fifty fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including 4 of the top five banks, 23 of the top one hundred 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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