SOURCE: Verid

April 16, 2007 09:00 ET

CashEdge Selects Verid's Knowledge Based Authentication Technology

FT LAUDERDALE, FL -- (MARKET WIRE) -- April 16, 2007 -- Verid announced today its selection by CashEdge to integrate Knowledge Based Authentication (KBA) technology into CashEdge's online account opening and funding solutions. The pioneer behind account opening and funding online, CashEdge will enhance the depth and quality of its risk management capabilities using Verid's industry-leading KBA process, already in use at eight of the top ten financial institutions.

"As the largest provider of online funds transfers and online account opening and funding, CashEdge is committed to providing a complete suite of risk management tools and delivering the most thorough functionality available in the market," explained Amir Sunderji, vice president of risk management at CashEdge. "We recognize the importance of KBA in verifying identities online, and view Verid's technology as a valuable addition to our risk management offering."

Verid's KBA technology presents consumers with a series of personalized questions based on deep background data derived from a variety of public information sources. The technology conducts sophisticated analytics to build a comprehensive knowledge profile and guides the consumer through an intuitive and interactive process until identity is confirmed. Verid's newest innovation is IdentityEvent™, a significant new capability that will spot suspicious identity activity and ratchet up authentication security in real-time, before an identity theft actually takes place.

"Verid and CashEdge have a strong common interest and that is helping financial institutions do more with the online channel," said Kevin Watson, CEO of Verid. "Making our solutions work seamlessly together makes sense because it adds the option of KBA security to instant account opening and funding."

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. Working with CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.

Recognized by Inc. magazine as one of the 500 fastest growing private companies in the United States, CashEdge currently services more than 600 leading financial institutions. These include Bank of America, Citibank, and Royal Bank of Canada. CashEdge has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com.

About Verid

Verid is the leading provider of real-time authentication solutions that accurately verify identity without compromising consumers' comfort, convenience or privacy. Verid's Knowledge Based Authentication (KBA) service helps businesses manage risk, and establish and maintain high quality customer relationships. Verid's clients include 8 of the top 10 financial service providers, 3 of the top 6 telecom/wireless providers and 3 of the top 10 retailers. Verid's technology is fully compatible with fraud management systems, and delivers turnkey, highly available solutions backed by extensive client support and data analysis. For further information regarding Verid, please visit the Web site at www.verid.com, or call toll-free at 1-888-533-5300.

Contact Information

  • Media Contacts:
    For Verid:
    Deb Montner
    Montner & Associates
    203-226-9290
    Email Contact

    For CashEdge:
    Machie Madden
    Landers Madden
    212-292-8560 ext. 216
    Email Contact