CashEdge has launched Small-Business Me-to-Me transfers allowing bank’s corporate clients to securely transfer funds between accounts they hold at different banks.
The new service, another example of advanced cash management offerings moving down-market from the large-corporate world, is being modeled as a value-add to institutions’ mom-and-pop service offerings, allowing transfers over the ACH network between accounts at any of 23,000 banks, brokerages and credit unions. The service uses CashEdge’s TransferNow funds-transfer platform already in place at more than 600 financial institutions, including five of the top 10 banks.
“Financial institutions that offer small business customers these types of services are able to grow their customer base and generate new fee revenue through an extremely profitable service,” said Sanjeev Dheer, CEO and President of CashEdge, in a statement.
Small Business Me-to-Me Transfers enables small business owners to choose between different transfer options. These include next-day funds transfers for urgent cash flow needs and one-time, recurring and future-dated transfers.