The new feature, using CashEdge’s FundNow product, bolsters Wachovia’s current online account opening capability by adding the funding component and making the process completely automated from start to finish. This secure process walks the customer through a number of steps to open a checking, savings or money market account and fund it from another deposit account the customer owns either at Wachovia or at another bank.
“While we’ve had the ability for customers to open deposit accounts online for more than five years, this new feature will allow the customer to also fund the account online as part of the account opening process,” said Ron Kerr, Wachovia's Internet Director for Retail Products. “More people first learn about Wachovia through the online channel than any other channel – now we have further enhanced this industry-leading capability for them to become a customer or for current customers to enhance their relationship with us.”
“The combination of these solutions produces a truly valuable consumer offering,” explained CashEdge CEO, Sanjeev Dheer. “CashEdge’s FundNow solution provides a risk-managed service for instantly and securely funding new accounts online. Coupled with Wachovia’s online account opening solution, FundNow will increase new account funding by making account opening and funding a seamless and effortless process.”
Wachovia first introduced online account opening in 2000 and now opens more than 15,000 accounts online per month, equivalent to the volume of over 150 branches. Currently Wachovia serves more than 12 million retail and small business customers; of those, more than 3 million use online banking.
“Our continued strong growth in online account sales reaffirms that customers increasingly want to do business with us online – and this lines up perfectly with Wachovia’s commitment to providing our customers the very best online financial services experience,” said Lawrence Baxter, Wachovia’s chief eCommerce officer.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
About CashEdge
CashEdge® provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge’s solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.
CashEdge serves more than 200 leading financial institutions, and has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com.
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