CashEdge Introduces First-Ever Instant Online Account Opening and Funding Solution.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- OpenNow and FundNow Solutions Empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems Financial Institutions to Increase Client Acquisition with Easy, Secure Service CashEdge, Inc. (www.cashedge.com), the leading provider of online financial applications, today introduced 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 The right or permission to use a system resource; the process of granting access. See access control. and validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. product. FundNow offers a risk-managed service for instantly, safely and securely funding new accounts online. 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 au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. 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. About CashEdge CashEdge(R) provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs. CashEdge serves over 175 financial institutions in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , including such leading institutions as Citibank, Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. and The Vanguard Vanguard Any of three unmanned U.S. experimental satellites. Vanguard I (1958), the second U.S. satellite placed in orbit around Earth (after Explorer 1), was a tiny 3.25-lb (1.47-kg) sphere with two radio transmitters. Group. CashEdge has offices in New York and Silicon Valley. For more information, please visit our Web site at www.cashedge.com. |
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