CashEdge, Inc. the leading provider of online financial applications, introduced today two new products, OpenNow and FundNow. Implemented together, the products deliver the industry's first end-to-end, single-session online account opening and funding solution, allowing financial institutions to securely acquire and fund new customer accounts in real time.
OpenNow is a state-of-the-art online account enrollment, authorization and validation product. FundNow offers a risk-managed service for instantly funding new accounts online, safely and securely. The services leverage CashEdge's technology and configurable risk management and compliance capabilities. Together, the tight integration of the OpenNow/FundNow solution enables financial institutions to increase their new account closure rate by reducing the time and the complexity of the new account opening and funding process. Prospective customers can apply for, be approved for and fund a new account in one single session through an automated authentication and verification process.
"The Internet is the most powerful customer acquisition channel for financial institutions. Unfortunately, few institutions have the ability or resources to develop an immediate and secure solution for opening and funding accounts online," stated Sanjeev Dheer, chief executive officer of CashEdge. "The combination of OpenNow and FundNow is the first solution of its kind, empowering financial institutions to fully leverage their online channels as real-time customer acquisition channels. The institution benefits from a real-time automation of offline processes, higher closing rates and our extensive regulatory compliance and risk management capabilities. Additionally, the customer enjoys a simple, fast and intuitive process. "
Approximately 95 percent of new online account applicants drop out between enrollment and funding, leaving financial institutions searching for other ways to acquire these customers. Online customer acquisition is attracting greater industry attention because online customers are less costly to acquire and more profitable, maintaining higher account balances, higher utilization of services and higher overall account activity.
OpenNow and FundNow are available for both banks and credit unions as stand-alone solutions or as part of CashEdge's comprehensive Bank Suite and Credit Union Suite.