CashEdge, the leader in Intelligent Money Movement products for financial institutions, announced today that Bank of the West, one of the 30 largest banks in the United States, has launched CashEdge's online funds transfer solution for its banking customers.
The TransferNow Product Suite provides a single point of access for multiple easy-to-use consumer transfer routes, including Me-to-Me Transfers and Third Party Transfers. These transfer routes enable banks and credit unions to offer their customers secure funds transfer services for inter-institution transfers between their own accounts or directly to third parties. Bank of the West is one of the first banks in the country to offer Third Party Transfers with this technology.
In May 2009, Bank of the West launched OpenNow®/FundNow®, CashEdge's online account opening and funding solution for its retail banking customers, enabling the bank to capture prospects in real time by opening and funding a new account in a single, online session.
"Today, consumers want and need a fast, convenient, and secure solution for online funds transfers and CashEdge's TransferNow solution enables us to meet this demand and improve customer satisfaction," said Matthew Macomber, Executive Vice President and Internet Channel Banking Executive for Bank of the West. "Now with CashEdge's online account opening and funding solution and the online funds transfer service, we can offer our customers the comprehensive tools they need to manage their money online and meet the increasing demand for online person-to-person payments."
"Bank of the West continues to enhance its online financial platform for customers who have demonstrated a need for quick, easy and secure account opening, funding and transfer solutions," said Neil Platt, Senior Vice President and General Manager, Banking, of CashEdge, Inc. "CashEdge's proven online funds transfer solution enables financial institutions to respond to the growing demand of consumers who want to easily and safely move their money online to anyone at anytime."
All TransferNow modules leverage industry-leading risk management tools that satisfy all business, risk and compliance requirements, thus enabling safe and secure transfers between accounts held at over 23,000 banks, credit unions and brokerages via the ACH network. In 2008, CashEdge executed nearly $50 Billion in online funds transfers through its TransferNow products.
All of CashEdge's Intelligent Money Movement services are supported by the Company's risk management capabilities.