CashEdge, a provider of online financial applications, today announced the issuance of U.S. Patent numbered 7,321,875 entitled "Method and Apparatus for Implementing Financial Transactions."
Issued on January 22nd, the U.S. patent describes the Company's method for executing a funds transfer transaction. The Company's technology allows individuals to transfer funds between their accounts housed at different financial institutions and to fund new accounts at new financial institutions.
"The patent for implementing financial transactions validates CashEdge's pioneering role in developing the account-to-account transfer and new account funding products that are built on CashEdge's payments platform. In addition, the patent lays the groundwork for our next generation payment platform that enables transfers across multiple payment networks," said CashEdge Vice President of Marketing Jeremy Sokolic. "CashEdge continues to be the industry pioneer, innovating in the online money movement space."
The method provides for the use of a third party financial management system to withdraw assets from an account at one financial institution, and a deposit of those withdrawn assets into a second account at a second financial institution. A debit instruction is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets. The withdrawal and deposit of assets can be implemented using one or more payment networks, debit networks, or a wire transfer between the two financial institutions.