NEW YORK, Jan. 28, 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, executed more than $38 billion in 2007, a 300% percent increase over 2006 volume. The transfers were initiated by consumers through CashEdge's money movement solutions that are currently in use at nearly one-third of the top 75 banks in the United States.
"This transaction volume demonstrates the significance of Account-to-Account Transfers and CashEdge's leadership in the category," said CashEdge CEO Sanjeev Dheer. "We are transferring tens of millions of dollars each day. As this volume continues to grow, risk management including fraud detection and prevention, becomes more and more critical to our solutions."
"Account-to-Account transfers are quickly becoming mainstream applications," explained George Tubin, Research Director at TowerGroup. "Today, consumers are confident transferring significant sums of money online between their accounts. For financial institutions, the ability to offer risk-managed account-to-account transfers to their customers drives both satisfaction and loyalty. For customers, online transfers and electronic new-account funding provide tremendous convenience and control."
CashEdge's money movement solutions include TransferNow and FundNow. These solutions allow transfers between customer accounts held at any of more than 23,000 banks, credit unions and brokerages. TransferNow automates the verification of held away accounts, manages risk and moves funds via multiple payment networks. FundNow is an account funding solution that enables financial institutions to increase their new funding rate by simplifying the account funding process. A new account can be approved and funded in a single session through CashEdge's automated verification and funding solutions.
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.
The CashEdge logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2019
Please note:
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.