Covelight Wins Contract With Major Online Financial Application Services Provider

Posted 6:43 a.m. May 1, 2006 — Updated 6:43 a.m. May 1, 2006

CARY, N.C. — CashEdge, a provider of online financial applications for more than 450 banks and other financial institutions, has signed on to utilize risk management services from Cary-based

Covelight Systems

Covelight's Percept product delivers real-time user monitoring and profiling solutions to protect data from fraudulent web access and insider misconduct.

Financial terms of the deal were not disclosed.

"CashEdge serves hundreds of financial institutions, including four of the nation's top 10 banks. Safeguarding their sensitive account data is a top priority," said Matt Rouse, CashEdge's vice president of operations and security. "We deployed Covelight Percept to monitor application activity as an added level of security because we were impressed by their expertise in detecting suspicious behavior indicative of fraud and insider misconduct."

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