CashEdge isn’t saying who, but the funds transfer platform provider has inked two of the nation’s top 10 banks to its TransferNow system that will give the institutions’ online banking users third-party remittance capabilities to more than 23,000 banks, credit unions and brokerages.
The third-party capabilities of CashEdge’s TransferNow platform, which includes risk management and AML compliance tools, was launched in September, and will be implemented into the two major banks’ online banking systems next year. CashEdge says it has other major institutions in the deployment pipeline, as well, among its hundreds of financial institutions on the TransferNow product that processed more than $38 billion in transactions in 2007.
According to a 2008 CashEdge consumer banking survey, 88 percent of consumers expressed interest in third-party funds transfers to other people, using account information provided by the recipient. More than 18 billion consumer-to-consumer transactions occur annually.