CASHEDGE GATHERS MORE THAN $4.5 BILLION IN NEW ASSETS FOR FINANCIAL INSTITUTION CLIENTS IN 2008
OpenNow®/FundNow® Solutions Generate 27 Percent Increase in Assets Gathered Over 2007
New York – January 28, 2009 — CashEdge Inc. (www.cashedge.com), the leader in Intelligent Money Movement™ products for financial institutions, announced today that in 2008, the Company facilitated the acquisition of more than $4.5 Billion in assets for its financial institution clients through its industry leading online account opening and funding products – OpenNow®/FundNow® and OpenNow®/FundNow® Express. This figure is an increase of more than 27 percent from 2007.
OpenNow®/FundNow® is an online account opening and funding solution that enables financial institutions to capture prospects in real time by opening and funding a new account in a single, online session via an institution's branded website. OpenNow®/FundNow® Express offers the same features and benefits in a solution designed specifically to meet the needs of small and mid-sized institutions.
According to the 2008 CashEdge Consumer Survey, consumers view online account opening as a mainstream application, and 82 percent of respondents expect their bank to offer the ability to open accounts online.
“According to Gartner, more than 71 million people in the U.S. are currently using online banking, making the online channel one of the most important tools available to financial institutions for the acquisition of new customers,” said Sanjeev Dheer, CEO of CashEdge Inc. “Financial institutions that are successful in utilizing the online channel for account acquisition have the opportunity to disproportionately attract the most profitable customers. Our account opening and funding products help financial institutions cost-effectively scale customer acquisition, improve customer experience and increase account close and funded rates – all which translates to greater ROI from the online channel for financial institutions.”
All of the Company’s Intelligent Money Movement services are supported by CashEdge’s risk management capabilities. CashEdge services are currently in use at more than 600 financial institutions in the U.S., including 23 of the top 100 banks.
To learn more about CashEdge’s Intelligent Money Movement Services, visit www.cashedge.com.
About CashEdge
CashEdge is the leader in Intelligent Money Movement™ 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®/FundNow® for new account opening, TransferNow® for Consumers which includes Me-to-Me Transfers and Third Party Transfers, and TransferNow for Small Businesses which includes Invoicing and Payments, Me-to-Me Transfers, Employee Payments and Vendor Payments. 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.
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