NEW YORK, July 11, 2005 (PRIMEZONE) -- CashEdge, Inc. (www.cashedge.com), the leading provider of online financial applications, announced today the successful implementation of its inter-institution transfer solution for BECU (www.becu.org), the sixth largest credit union in the nation. CashEdge's TransferNow solution is available to BECU's more than 400,000 members.
TransferNow enables BECU members to securely transfer money any time, to or from accounts at over 20,000 banks and brokerages. Supported by CashEdge's comprehensive risk management capabilities, TransferNow verifies ownership of external accounts, and moves funds in a risk-managed fashion via the ACH network.
"With our high penetration of on-line banking users, adding the CashEdge inter-institution transfer capabilities is a natural extension of our on-line banking and bill payment services, providing our members with added convenience and value in the movement of their money," said Gary Fee, director of product and delivery channel management at BECU. "Given the size and scope of our membership, we anticipated that managing the risk associated with funds transfer would be a real challenge. But by working with CashEdge, we are able to deliver the industry's most advanced funds transfer technology backed by an unparalleled risk management solution," he explained.
"Our selection by a credit union of BECU's stature underscores the quality of our technology and the importance of our risk management expertise. Using TransferNow, BECU is able to serve members better and significantly increase online account activity," stated Sanjeev Dheer, chief executive officer of CashEdge. "We are very pleased to be working with BECU and expect to see many credit unions following in their footsteps this year," he added.
TransferNow is available for financial institutions as a stand-alone solution or as part of CashEdge's comprehensive Bank, Credit Union and Wealth Management Suites.
About CashEdge
CashEdge(r) provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
CashEdge serves over 200 financial institutions in North America, including such leading institutions as Bank of America, Citibank, Harrisdirect, Royal Bank of Canada and The Vanguard Group. CashEdge has offices in New York and Silicon Valley. For more information, please visit our Web site at www.cashedge.com.
About BECU
With more than 400,000 members and more than $5.4 billion in assets, BECU is the largest credit union in Washington and one of the top ten financial cooperatives in the country. All Washington state residents are eligible to join. For more information visit www.becu.org