Bank Customers Transfer Nearly $50 Billion Online in 2008 Using CashEdge Intelligent Money Movement(TM) Products
Volume Up Over 32 Percent from 2007
NEW YORK, Feb. 10 /PRNewswire/ -- CashEdge Inc. (www.cashedge.com), the leader in Intelligent Money Movement(TM) products for financial institutions, announced today that in 2008, the Company executed nearly $50 Billion in online transfers, a more than 32 percent increase over 2007 volume. Furthermore, the Company reported an over 30 percent growth in the number of end users accessing its services, indicating a continued growth in user demand for online funds transfer services. The transfers were initiated through CashEdge's Intelligent Money Movement(TM) solutions that are currently in use at hundreds of leading financial institutions, including the majority of the nation's largest banks.
"This transaction volume and the significant increase in use of online funds transfer services demonstrate the demand in the market for solutions that enable consumers and small businesses to easily and safely move their money online," said Sanjeev Dheer, CEO, CashEdge. "With CashEdge's online transfer and payment products, including Me-to-Me Transfers and Third Party Transfers, financial institutions can meet this growing demand using solutions that are supported by industry-leading risk management tools, including fraud detection and prevention. As demand continues to grow, we expect to see additional transfer solutions - such as person-to-person payments - being offered by banks as well."
The growth in online transfers was also illustrated in the 2008 CashEdge Consumer Survey, which indicated that consumers are moving more money online and demanding additional funds transfer services, including the ability to transfer funds to their friends and family. In the survey, 88 percent of consumers polled expressed interest in direct account-to-account funds transfers to other people, such as friends and family, in lieu of cash or check, using account information provided by the recipient.
CashEdge's industry-leading products include TransferNow(R) for Consumers, TransferNow for Small Businesses and OpenNow(R)/FundNow(R) for new account opening and funding. The TransferNow for Consumers Product Suite includes Me-to-Me Transfers and Third Party Transfers, which enable financial institutions to offer their customers secure funds transfer services for inter-institution transfers between their own accounts or directly to third parties. The TransferNow for Small Businesses Product Suite is comprised of several offerings that can be used as either stand-alone services or as part of a cash management suite, including Small Business Invoicing and Payments, Employee Payments and Vendor Payments, and Small Business Me-to-Me Transfers.
All TransferNow modules leverage industry-leading risk management tools that satisfy all business, risk and compliance requirements, thus enabling safe and secure transfers between accounts held at over 23,000 banks, credit unions and brokerages via the ACH network.
To learn more about CashEdge's Intelligent Money Movement services, visit www.cashedge.com.
About CashEdge
CashEdge is the leader in Intelligent Money Movement(TM) services that enable financial institutions to engage customers in new ways. CashEdge's Intelligent Money Movement services provide a single point of access, through an online banking portal or mobile application, for multiple easy-to-use consumer and small business transfer routes. CashEdge's industry-leading products include OpenNow(R)/FundNow(R) for new account opening, TransferNow(R) for Consumers which includes Me-to-Me Transfers and Third Party Transfers, and TransferNow for Small Businesses which includes Invoicing and Customer Payments, Employee Payments and Vendor Payments, and Me-to-Me Transfers. These products are supported by industry-leading risk management capabilities that leverage comprehensive, proprietary technology, helping institutions mitigate risk and decrease fraud exposure.
CashEdge currently serves hundreds of leading financial institutions, including the majority of the nation's largest banks. The Company has offices in New York, Silicon Valley and India. For more information, visit www.cashedge.com.
Bank Customers Transfer Nearly $50 Billion Online in 2008 Using CashEdge Intelligent Money Movement(TM) Products
"This transaction volume and the significant increase in use of online funds transfer services demonstrate the demand in the market for solutions that enable consumers and small businesses to easily and safely move their money online," said Sanjeev Dheer, CEO, CashEdge. "With CashEdge's online transfer and payment products, including Me-to-Me Transfers and Third Party Transfers, financial institutions can meet this growing demand using solutions that are supported by industry-leading risk management tools, including fraud detection and prevention. As demand continues to grow, we expect to see additional transfer solutions - such as person-to-person payments - being offered by banks as well."
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