CashEdge Reports Account-to-Account Transfer Volumes

"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.