NEW YORK – CashEdge yesterday announced it was awarded a U.S. Patent for its method of executing an electronic funds transfer, which allows individuals to transfer funds between accounts housed at different financial institutions and to fund new accounts.
The method allows for the use of a third-party financial management system to withdraw assets from an account at one financial institution, and to deposit those funds into a second account at another financial institution. A debit instruction is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets. The withdrawal and deposit of assets can be implemented using one or more payment networks, debit networks, or a wire transfer between the two financial institutions.
CashEdge said the patent lays the foundation for its next generation payment platform, which allows funds transfers across multiple payment networks.
