CashEdge, a provider of online financial applications, today announced that it has been selected by Principal Bank, a member of the Principal Financial Group(r), to augment its online channel with inter-institution transfer technology.
CashEdge's online money movement solution permits end-users to transfer funds back and forth between their primary account and their accounts at other institutions, and also to send money electronically to friends, colleagues and businesses on a one-time or recurring basis.
"We are pleased to have been selected by Principal Bank to power their online money movement solution," said CashEdge CEO Sanjeev Dheer. "The addition of our inter-institution transfer functionality is a natural extension of Principal Bank's online banking channel. We are confident that the added utility this technology delivers will result in even greater customer usage of their online payments suite."
CashEdge's TransferNow technology enables financial institutions to deploy secure online money transfer services that attract new assets and generate new revenue streams. Using TransferNow, Principal Bank customers can transfer money securely to and from family, friends and associates at any of 23,000 banks, credit unions, and brokerages nationwide from their Principal Bank log-in. Supported by CashEdge's comprehensive risk management capabilities, TransferNow automates the authentication of the account, and moves funds in a risk-managed fashion via the ACH network.
"CashEdge's technology is an important part of our online payments suite," said Art Bacci, president of Principal Bank. "Principal Bank strives to provide our customer with the best available online banking solutions. By empowering our customers to securely move money between their accounts, and to and from individuals, we are adding greater convenience and efficiency to their online banking experience."
TransferNow is available for both banks and credit unions as a stand-alone solution or as part of CashEdge's comprehensive Bank Suite and Credit Union Suite.