CashEdge Inc., which provides electronic money transfer and other services to financial companies, said Thursday that the amount of money moved by its account-funding products rose 27% in 2008 over the prior year, to $4.5 billion.
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The New York vendor's OpenNow/FundNow applications are typically used to fund new bank accounts that consumers open online.
The $4.5 billion includes money sent through the Express version of the tools tailored for small and midsize institutions.
"Our account opening and funding products help financial institutions cost-effectively scale customer acquisition … and increase account close and funded rates," Sanjeev Dheer, CashEdge's chief executive, said in a press release.
