Product: TransferNow 2.0
Company: CashEdge

Person-to-person and account-to-account transfers, or P2P transactions, are a growing market for smaller financial institutions including credit unions and community banks. These organizations are finding that offering their customers and clients the same types of services often available only at larger institutions helps their bottom line. They're beginning to understand that processing enough small transfer transactions can add up.

CashEdge, a provider of online financial applications, recognized the potential in P2P funds transfers and launched an expanded and updated version of its inter-institution funds transfer product.

TransferNow 2.0 includes additional functionality to enable online funds transfers to accounts owned by other people, as well as future-dated and recurring transfers. The system offers automatic account ownership verification and third-party, scheduled and recurring transfers.

For example, with TransferNow 2.0, parents will find it easier to transfer a set amount to a college-age child's account; wage earners will find it simpler to schedule automatic deposits into an investment account. CashEdge technology offers enhanced risk management capabilities, making P2P transfers more secure. TransferNow was originally designed for inter-institution funds transfers, but the upgrades add broader functionality and safety features.

The company said its TransferNow solution is used by more than 200 financial institutions across the country, enabling their customers to transfer money between accounts held at any of more than 23,000 banks, credit unions and brokerages. TransferNow automates the authentication of the user and the accounts, manages risk and moves funds without exposing the financial institution to any transaction risks. CashEdge currently provides the P2P platform, manages the risk and processes the transfers for approximately 200 P2P providers.

CashEdge
104 Fifth Avenue
New York, NY 10011
212-656-9000
www.cashedge.com