CashEdge releases online account opening system for small and mid-sized banks

Source: CashEdge

CashEdge, Inc., the leading provider of online financial applications to banks, credit unions and wealth management firms and the pioneer in online account opening and funding, announced today the launch of OpenNow/FundNow Express, an online account opening and funding solution designed specifically to enable small/mid-sized banks and credit unions to offer the same advanced online opening and funding account capabilities available at larger financial institutions.

OpenNow/FundNow Express is the newest addition to CashEdge's OpenNow/FundNow product suite, the industry-leading solution that in 2007 processed more than 1.7 million online applications on behalf of CashEdge's bank and credit union clients.

OpenNow/FundNow Express provides institutions with the proven technology and benefits of OpenNow/FundNow - including instant ID verification using best of breed data sources, real-time account verification, multiple electronic funding options and comprehensive risk management services. The solution is simple, turnkey, and cost-effective, enabling small/mid-sized banks and credit unions to go to market in as little as two weeks, quickly increasing their new account acquisition and new account funding rates.

"With nearly 73 percent of consumers preferring to open and fund accounts online, we wanted to create a solution to enable small and mid-sized banks, and credit unions to capitalize on this opportunity, without having to commit a significant amount of internal resources to the process," said Sanjeev Dheer, CEO, CashEdge. "OpenNow/FundNow Express is a cost-effective, easy-to-implement solution that enables financial institutions in this valuable segment of the marketplace to compete with the industry leaders while realizing an immediate and positive return on their investment. This product puts online account opening within the reach of every financial institution."

Central Pacific Bank, Hawaii's third largest commercial bank with 39 branch offices statewide and $5 billion in assets, recently launched OpenNow/FundNow Express.

"Providing online account opening satisfies a rapidly growing customer demand for conducting and managing financial affairs on the Internet," said Wayne Kirihara, Senior Vice President of Alternative Delivery Channels at Central Pacific Bank. "CashEdge's OpenNow/FundNow solution makes it possible for a customer to open and fund an account online in as little as seven minutes, without having ving to visit a branch. We are pleased to be able to partner with CashEdge, the leader in this industry, to offer this convenient and secure service to our customers."

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