MINNEAPOLIS, Sept. 30, 2014 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of cloud-based SaaS mobile money management technology to banks, credit unions and other financial services organizations announced that it has expanded its partnership with Ingo Money, Inc., a provider of recurring, instantaneous, guaranteed funds technologies, to deliver instant, non-provisional consumer mobile deposit and account funding services on its Select Mobile™ and Select Mobile™ Prepaid mobile banking platforms.
Cachet's Select Mobile platforms provide financial institutions of all sizes with a wide array of customizable, consumer-facing mobile banking and transaction services for their debit and prepaid customers, including mobile remote deposit capture capabilities. Using a smartphone or tablet, customers can submit check images for authentication, clearing, settlement and deposit into financial accounts according to the deposit terms established by the financial institution client.
Under its expanded partnership agreement with Ingo Money, Cachet will now offer Select Mobile clients a guaranteed, instant mobile deposit and account funding capability supported by Ingo Money's proven mobile risk decisioning and validation services. Cachet's integration with Ingo Money enables Select Mobile clients to offer bank customers and credit union members the option to pay a fee on approved checks for "Good Funds," immediate and irreversible access to funds—without risk of future reversal—even in the event that a check returns unpaid.
"Integration of Ingo Money's check guarantee services will enable our bank and credit union clients to acquire and retain more customers and members by offering the deposit flexibility increasingly important to consumers," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "Quick access to money is critical to millions of consumers and small business operators who desire more options to help them manage their day-to-day financial obligations and cash flow," continued Mack.
For financial institutions, "Good Funds" services can increase deposits to financial accounts and mobile wallet platforms, drive card transactions and increase usage of ancillary fee-based money order, money transfer or wire services, enabling customers to make purchases and pay bills immediately and without concern that access to their source of funds will be delayed or reversed.
"The convergence of good funds deposit and money movement capabilities, mobile banking technologies and digital wallet platforms is transforming consumer banking and raising consumer expectations with respect to funds access," said Drew Edwards, founder and CEO, Ingo Money. "We are pleased to extend our partnership with Cachet to drive aggressive marketplace innovation and make it easier for financial institutions to implement and deliver new, high-value consumer banking services."
Available for PC/ Mac, Smartphones and Tablets, Cachet's Select Mobile solutions are designed to simplify the installation, deployment, maintenance and marketing of the remote deposit capture process. These innovative remote deposit capture solutions can improve customer loyalty, strengthen existing relationships, attract new customers and expand market share all while reducing operational costs and increasing profitability. For more information about Cachet's Select Business and Select Mobile solutions, contact Cachet at info@cachetfinancial.com.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money management and remote deposit capture solutions for PC, Mac and Mobile. Our industry-leading solutions help clients to increase customer/member engagement, grow revenues and gain competitive advantage. Cachet's cloud-based technology platform simplifies development, deployment and servicing of clients' consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. With our complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers/members. For more information, visit www.cachetfinancial.com.
About Ingo Money
Ingo Money, Inc. facilitates the acceptance of consumer funds from a variety of monetary instruments to originate immediate, non-provisional funding for bank accounts, payment cards and mobile wallets. The only technology solution of its kind in the marketplace, Ingo Money services are essential to providing a convenient source of recurring funds for any payment platform to fuel the consumer adoption of new and existing digital payments. The instantaneous and non-provisional nature of Ingo Money funding transactions means that, regardless of their source, deposited funds are "Good Funds," available to spend by the account or mobile wallet owner in minutes without risk of future reversal.
Ingo Money, Inc. owns and operates two lines of business. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct, mobile account funding network accessible on iOS and Android devices via mobile application and embedded SDK. Ingo™ Enterprise Solutions is a commercial platform that enables banks and alternative financial services (AFS) providers to deliver immediate, non-provisional "Good Funds" services to their customers through any servicing channel.
Headquartered in Roswell, Ga. (and operating a data center and two risk management centers in Georgia), Ingo Money serves many of the largest financial institutions, AFS providers and payment networks as clients.
Learn more at business.ingomoney.com or contact Chez Echeverri at chez@ingomoney.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains certain statements that would be deemed "forward-looking statements" under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1933 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as "may," "likely," "anticipate," "expect" and "believes" indicate forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements include statements about the anticipated closing of our initial public offering and the number of shares to be sold in the offering.
Forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. We discuss many of these risks in greater detail in our Current Report on Form 8K filed with the Securities and Exchange Commission on February 12, 2014 under the heading "Risk Factors" and in the other reports we file with the Commission. Given these uncertainties, you should not attribute undue certainty to these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.