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CashEdge awarded funds transfer transaction patent
NEW YORK (2/13/08)--CashEdge received a patent for a funds-transfer method that allows individuals to transfer funds between their accounts hosted at different financial institutions. It also can fund new accounts at new financial institutions. Under the patent, a third party financial management system can withdraw assets from an account at one financial institution and deposit the assets into a second account at a second financial institution. A debit instruction initiates the withdrawal and a credit instruction initiates the deposit. “The patent lays the groundwork for our next generation payment platform that enables transfers across multiple payment networks,” said CashEdge Vice President of Marketing Jeremy Sokolic. CashEdge provides financial applications to financial institutions, including credit unions.


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