NEW YORK, Feb. 5, 2008 (PRIME NEWSWIRE) -- CashEdge, Inc., the pre-eminent provider of online funds transfers and the pioneer behind opening and funding accounts online, today announced that it serviced more than 1.8 million requests to open and fund accounts online during the 2007 calendar year, up more than 60% from 2006. In 2007, CashEdge expanded its service to support the call center channel and is in active deployment with several top 100 financial institutions. With the addition of the call center channel, the company expects even faster growth in the number of applicants serviced in 2008.
CashEdge's OpenNow and FundNow services allow consumers to open and fund accounts in a single session. The integration of the call center channel improves the consumer experience by enabling an application to be serviced online, in the call center, or both, with enhanced efficiency and uniformity of the application data across the channels.
"Celent estimated that in 2007, five million core deposit accounts would be opened online. CashEdge's industry-leading ON/FN service is responsible for a significant portion of those account openings," stated Sanjeev Dheer, CEO of CashEdge. "The similarity of issues in remote ID authentication between online and the call center, made our expansion to the call center a logical step. With this functionality, our clients move closer to a universal account opening platform and will continue to increase opened and funded rates for new accounts."
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.
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.