U.S. Bank Partners with CashEdge to Launch Online and Mobile Person-to-Person Payments - Nation's 5th Largest Bank to Offer Popmoney

Jun 10, 2010, 08:30 ET from CashEdge, Inc.

NEW YORK and MINNEAPOLIS, June 10 /PRNewswire/ -- CashEdge, Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement™ services, and U.S. Bank, the fifth largest commercial bank in the nation, announced today that they are partnering to launch CashEdge's person-to-person (P2P) online and mobile payments service, Popmoney™, later this year.  U.S. Bank will offer Popmoney to its mobile banking customers through usbank.com and the downloadable mobile banking application, the U.S. Bank Mobile Wallet.

U.S. Bank is the first large U.S. bank to offer a mobile P2P solution that enables users to send money directly from their bank account to anyone with an email address, mobile phone number and a bank account.

"U.S. Bank is committed to the mobile channel, and meeting the emerging needs of our rapidly growing mobile customer base," said Meheriar Hasan, Head of the Internet and Mobile Channel at U.S. Bank. "Popmoney is a secure, easy to use payment service, and we are very excited to offer it to our customers."  

"Through Popmoney, U.S. Bank Mobile Wallet users will benefit from the proven reliability, security and robustness of CashEdge's money movement platform, which in 2009 processed nearly $50 billion in online funds transfers for bank customers. For current CashEdge clients, Popmoney is a simple upgrade of their existing TransferNow service," said Neil Platt, Senior Vice President and General Manager, U.S. Banking, CashEdge Inc.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB), with $282 billion in assets as of March 31, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,025 banking offices in 24 states and 5,312 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.

About CashEdge

CashEdge is a leading provider of Intelligent Money Movement™ solutions for financial institutions, including mobile and online person-to-person (P2P) payments, account transfers, account opening and funding, small business applications and financial account aggregation. The Company's clients include hundreds of leading financial institutions, including seven of the ten largest banks in the country, for which they move more than $50B every year. CashEdge's newest offering, Popmoney™, is a bank-enabled P2P service that is live at leading banks in the U.S.

CashEdge's industry-leading products include Popmoney™ for person-to-person payments; OpenNow®/FundNow® for new account opening and funding; TransferNow® for Consumers, which includes Me-to-Me and Third Party Transfers; and TransferNow® for Small Businesses, which includes Invoicing, Me-to-Me Transfers, Employee Payments and Vendor Payments. All CashEdge products are supported by industry-leading risk management capabilities that leverage proprietary technology to help financial institutions mitigate risk and decrease fraud exposure.

The Company is headquartered in New York with offices in Silicon Valley and India. For more information, visit www.cashedge.com.

The above contains statements that are based on subjective views, opinions or beliefs of the management. The data provided herein is based solely on CashEdge's solutions and does not relate to any specific financial institution or client or the industry. 

SOURCE CashEdge, Inc.