NEW YORK — CashEdge Inc. said it executed more than $38 billion in account-to-account transfers initiated by consumers in 2007, a 300% increase from the year before.
The company said its TransferNow and FundNow solutions allow transfers between accounts at more than 23,000 credit unions, banks, and brokerages through multiple payment networks while verifying held-away accounts and managing risk.
“We are transferring tens of millions of dollars each day. As this volume continues to grow, risk management including fraud detection and prevention, becomes more and more critical to our solutions,” said Sanjeev Dheer, the New York-based company's CEO.
“This transaction volume demonstrates the significance of account-to-account transfers, he said.
CashEdge said its client list now includes 23 of the top hundred banks and 20 of the top 100 credit unions.
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