CashEdge and Firethorn to Launch Integrated Mobile Person-to-Person Payments
Solution for Financial Institutions
Solution to Leverage CashEdge's POPmoney(TM) Person-to-Person Payments Service
and Firethorn's Mobile Wallet Solution
NEW YORK and BOSTON, Nov. 3 /PRNewswire/ -- CashEdge, Inc. (www.cashedge.com),
the leading provider of Intelligent Money Movement(TM) services, and mobile
commerce enabler Firethorn Holdings, LLC, a Qualcomm company (Nasdaq: QCOM),
announced today that the companies have entered into a strategic relationship
to bring to market an integrated mobile person-to-person (P2P) payments
solution integrating CashEdge's POPmoney P2P payments service and Firethorn's
Mobile Wallet solution.
The integrated mobile P2P solution will enable financial institutions to offer
their customers the ability to send electronic payments using CashEdge's
POPmoney from within their Firethorn mobile banking application, by simply
using the email address or mobile phone number of the recipient. This
comprehensive mobile P2P banking solution will give consumers greater control
over their finances, enabling them to pay other people whenever and wherever
they want.
The convenience and security of using a service offered by one's existing
financial institution is compelling for consumers. According to CashEdge's
2009 consumer survey, 77 percent of consumers would prefer to use a P2P
payments service offered through their financial institution compared to an
independent service.
"Consumers are demanding new payment solutions, particularly the ability to
conveniently and securely send payments while on the go," said Ben Ackerman,
Vice President of product strategy for Firethorn. "This Firethorn and CashEdge
relationship is an excellent fit, both in terms of business and technical
capabilities. We already have many common customers and prospects who have
been asking for a holistic P2P solution, and now we can put those customers on
the path to mobile commerce."
"Firethorn's Mobile Wallet application is an innovative service that
successfully helps meet the demands of today's consumers for easy and
convenient mobile banking solutions," stated Neil Platt, Senior Vice President
and General Manager, US Banking, CashEdge Inc. "CashEdge is always looking for
opportunities to broaden the scope of our services and deliver cutting-edge
services to financial institutions, and working with Firethorn further enables
us to meet those goals."
POPmoney is the first email and mobile person-to-person payments (P2P) service
for financial institutions that allows customers to send an electronic
payment, from within the online or mobile banking site, by simply using the
email address or mobile phone number of the recipient. Likewise, the
recipients of the payment can receive the funds directly into their account.
Firethorn's Mobile Wallet solution enables bank customers to use their mobile
devices to view account balances, check credit card balances, transfer funds
between accounts, view and pay bills, and access other services such as
loyalty programs and targeted offers.
CashEdge will showcase POPmoney at the BAI Retail Delivery Conference on
November 3 - 5, 2009 in Boston, at booth #725.
Firethorn can also be found in the exhibit hall at the BAI Retail Delivery
Conference on November 3 - 5, 2009 in Boston, at booth #232.
About Firethorn
Firethorn Holdings, LLC, a Qualcomm company (Nasdaq: QCOM), is providing an
important link in the emerging mobile commerce ecosystem. As a pioneer in
mobile banking, Firethorn is transforming the traditional wallet into a
streamlined, efficient and protected mobile revenue channel that will bridge
relationships among financial institutions, retailers, wireless operators and
consumers. Firethorn's innovative technology creates easily accessible,
branded and personalized mobile commerce channels that give consumers access
to their accounts, offers and transactions while on the go. For more
information about Firethorn, visit www.firethornmobile.com.
About CashEdge
CashEdge is the leader in Intelligent Money Movement(TM) services providing
innovative payment solutions to financial institutions for their retail and
small business banking customers. CashEdge's services include mobile and
online person-to-person (P2P) payments and small business payments. CashEdge
currently serves hundreds of leading financial institutions, including seven
of the ten largest banks in the country.
CashEdge's industry leading products include POPmoney(TM) for person-to-person
payments; OpenNow®/FundNow® for new account opening and funding; TransferNow®
for Consumers, which includes Me-to-Me Transfers 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.
CashEdge Contact:
Jennifer Moritz
Zer0 to 5ive
917 748 4006
jmoritz@0to5.com
Firethorn Contact:
Kelly Buday
Firethorn
678 978 5429
kbuday@qualcomm.com
SOURCE CashEdge, Inc.
Jennifer Moritz of Zer0 to 5ive for CashEdge, +1-917-748-4006,
jmoritz@0to5.com, or Kelly Buday of Firethorn, +1-678-978-5429,
kbuday@qualcomm.com
