CashEdge, Inc. (www.cashedge.com), the leading provider of Intelligent Money Movement services, announced today the launch of Popmoney for Small Business, the first electronic invoice and payment solution designed specifically for small business customers of financial institutions.Popmoney for Small Business provides businesses with the unique capability to pay vendors and employees electronically using only an email or mobile number. They may also pay using an account number.Popmoney for Small Business will also allow small businesses to conduct invoicing, receive payments via ACH or credit card, make and track payments, send invoice reminders and view payment history all directly from their bank’s online banking portal or mobile application through the market-leading Popmoney platform.San Francisco-based Bank of the West, one of the first in the nation to launch CashEdge’s consumer Popmoney service in 2010, will launch its small business invoicing and payment service in the first half of 2011, making it one of the first banks in the nation using CashEdge’s Popmoney for Small Business."Business owners want financial tools that are simple to use and that make running their businesses easier. The invoicing and payment solution we are implementing will do just that," said Matt Macomber, Bank of the West’s Multi-Channel Banking Manager. "We have had wide adoption among our retail customers since deploying Popmoney last spring. We’re excited that soon the same convenient service will be available to our small business customers. We’re confident that by launching this service we will continue to provide the most innovative and valuable services to all of our customers."Several additional financial institutions have plans to launch Popmoney for Small Business in the next six months. This swift adoption follows the success of Popmoney for consumers, which launched in December 2009, and will be live at more than 175 banks, including three top 10 banks, by the end of the 4th quarter."We believe it’s all about the network," said Catherine Palmieri, Global Head of Product and Marketing at CashEdge. "Our Popmoney consumer offering has been a tremendous success; with Popmoney for Small Business, businesses can send payments and invoices via email and mobile, and get paid faster electronically. For banks, the advantage is that money moves seamlessly between their consumer and small business customers providing greater engagement and loyalty on both sides. We’ve worked very hard to make the interface extremely easy to use, and we believe that will drive greater adoption on both sides."Popmoney for Small Business will provide the following features and benefits to small businesses:Popmoney Payments Payables and receivables dashboards Comprehensive dashboards displaying all outgoing payments, invoices paid and outstanding, history and the ability to export to Excel Send and receive electronic payments 100% electronic payments solution including email and mobile payments option Email remittance Customized HTML emails along with payments inclusive of logo and key payment information Multiple payment options One time payments, multiple batch payments, future dated payments, recurring payment plansPopmoney Invoicing Send professional electronic invoices Create and send customized, professional invoices to individuals or distribution lists, with product/service inventory, business logo, taxes, shipping, etc. Manage payment terms and penalties Define payment terms and early payment discounts, assess late payment penalties, send payment remindersOther Features Entitlements Enable employees access to the application with restricted permissions Risk management Leverages CashEdge industry leading account verification and risk monitoring servicesPopmoney for Small Business leverages the proven reliability, security and strength of CashEdge’s money movement platform, which in 2009 processed nearly $50 billion in funds transfers for bank customers. For current CashEdge clients, Popmoney for Small Business is a simple upgrade of their existing Small Business invoicing and payments service. CashEdge will demo Popmoney for Small Business for the banking industry on October 5, 2010 in New York at Finovate 2010. To learn more about CashEdge’s presence at Finovate, visit: http://www.finovate.com/fall2010/.To learn more about CashEdge’s Intelligent Money Movement Services, visit www.cashedge.com.About Bank of the WestBased in San Francisco, $61 billion-asset Bank of the West (www.bankofthewest.com) offers a full range of business, corporate, personal, trust and international banking services. The Bank operates more than 700 branch locations and commercial banking offices in 19 Western and Midwestern states. In 2010 Bank of the West was ranked highest in customer satisfaction among retail banks in California by J.D. Power and Associates. In 2009 and 2008, Bank of the West was ranked the highest in customer satisfaction among retail banks in the West by J.D. Power and Associates. Bank of the West’s holding company, BancWest Corporation, is a subsidiary of BNP Paribas, among the six strongest banks in the world, according to Standard & Poor’s.About CashEdgeCashEdge is a leading provider of Intelligent Money Movement solutions for financial institutions, including mobile and online person-to-person (P2P) and Small Business 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 eight of the ten largest banks in the country. CashEdge’s newest offering, Popmoney, is a bank-enabled P2P service that is live at 175 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.
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