CashEdge

Account Opening & Funding FAQ

Market Drivers

1. Is online account opening a must-have for banks?
   Yes; 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.
2. How fast do consumers expect a new account to be ready?
   Consumers expect real-time results. As adoption of online account opening continues to grow, so does the expectation of automation and speed in other aspects of the online banking experience, and new account funding is no exception. As cited in the 2008 CashEdge Consumer Survey, 73 percent of respondents expect to have same-day access to, and availability of, a newly opened account, 31 percent of which expect the account to be available immediately.

About Account Opening

1. How does CashEdge verify the identity of an applicant?
   CashEdge establishes the authenticity of a user's ID instantly, without requiring a prior relationship with the user, by combining answers to out-of-wallet questions with real-time information from industry multiple, standard and proprietary sources.
2. How does CashEdge verify the external funding account?
   CashEdge uses three primary methods, including instant and two-day methods, which combine proprietary technology and information from best-of-breed data sources to verify the account.
3. What data sources are used for identity and account verification?
   CashEdge leverages multiple industry data sources, including the leading government change of address databases, check printers and credit bureaus.
4. What is the average length of time needed to implement the solutions?
   That depends on the institution and their business needs; more customized solutions result in longer implementation. However, CashEdge's OpenNow®/FundNow® Express allows institutions to launch online account opening and funding in as little as two weeks with an easy-to-configure, hosted solution.
5. What percentage of applicants abandon the online application?
   In the industry of online banking, most new accounts that are opened are never funded. Typically, only 6% of accounts are funded. With CashEdge, 60% - 70% of accounts are funded.
6. Is OpenNow/FundNow for Call Centers an independent service?
   Yes, the Call Center service is a stand-alone service that provides account opening and funding capabilities to the call center. However, the Call Center service can be integrated with online service to maximize acquisition and provide cross-channel capabilities, including the ability for customers to start an application in one channel and complete it via a different channel.

Risk Management & Security

1. What type of risk management is provided to protect the consumer and my institution?
   All OpenNow/FundNow services are supported by CashEdge's risk management capabilities that leverage comprehensive, proprietary technology, and the insights gathered from managing risk for the world's largest financial institutions, helping institutions mitigate risk and decrease fraud exposure.
2. Can the solution be configured to meet my institution's specific business/risk considerations?
   CashEdge provides a flexible, robust and easy-to-use application that allows for customizable business rules enabling institutions to set their own parameters for application decisioning.
3. Does OpenNow/FundNow enable my institution to meet all federal compliance regulations?
   Yes, CashEdge's identity and account verification components enable institutions to meet regulatory requirements, including Know Your Customer, U.S. Patriot Act and Regulation CC.

Deployment and Integration

1. I already have an account opening product but do not currently have an online funding component - can CashEdge provide just that piece?
   Yes, CashEdge is the industry's preeminent provider of both instant account opening and funding services. CashEdge's FundNow service can integrate with existing products, and enables account funding via the ACH network, offering next-day funds availability and high-value transaction capabilities for added customer convenience.
2. What are the integration options?
   Integration options for OpenNow/FundNow, FundNow and OpenNow/FundNow for Call Centers include: web services and fully-hosted. OpenNow/FundNow Express is available in a fully-hosted ASP model.
3. How many applications does CashEdge process?
   CashEdge gathered more than $4.5 Billion in new assets for financial institutions clients in 2008 through its account opening and funding products.
4. Is there an upgrade available to move from the OpenNow/FundNow Express service to the standard service?
   Yes, upgrading to the standard OpenNow/FundNow service is available, and is simple to implement.
5. What customer support capabilities are included with the services?
   All OpenNow/FundNow services come with Compass, a web-based partner interface application, which enables the bank to streamline back-end operations and monitor the workflow for pending applications and funding completions.