MINNEAPOLIS, Jan. 7, 2015 (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, has launched a new, co-branded express option for deploying its award-winning Select Mobile™ Money solution.
The express version of Select Mobile Money provides financial institutions all of the key features of its customizable mobile money solution, including a reloadable general purpose debit card which is supported by a suite of cloud-based mobile banking services. Easily accessible via mobile app, the cloud-based services include account management, card to card transfer, remittance, and check to card fund loading with an option for instant good funds.
The express option means the prepaid card program, mobile app and cloud services come pre-configured, and Cachet handles all card issuance, processing and program management. This makes the co-branded option easier, faster and more affordable to implement, and thereby more accessible to a broader range of financial institutions.
Frederick County Bank (FCB), a wholly-owned subsidiary of Frederick County Bancorp (OTCMKTS:FCBI), will be Cachet's first customer to implement the co-branded express solution. Headquartered in Frederick, Maryland, FCB manages more than $330 million in assets and conducts full service commercial banking services through five local banking centers.
The co-branded Select Mobile Money offering is available for payroll, travel, student and unlimited use prepaid card programs. The mobile features address an underserved prepaid market, while encouraging greater customer engagement and loyalty.
"The new deployment with Cachet supports our goal to bring customers the best new technology, and high quality and superior services," commented Jay House, SVP-Chief Technology Officer at Frederick County Bank. "We can now offer our customers a more complete banking experience, including a prepaid mobile solution, without incurring significant additional overhead or time-to-market."
"This platform expansion with FCB reflects the untapped potential in our existing client base, and the co-branding option represents a new opportunity to elevate our brand as the leading provider of secure, reliable, mobile money solutions," commented Jeffrey Mack, president and CEO of Cachet. "There are now more than 300 financial institutions relying upon our remote deposit capture technology. This solid base presents a significant opportunity to further the adoption of Select Mobile Money and other Cachet products."
Available for iOS and Android systems, the Select Mobile Money co-branded platform provides a highly cost-effective prepaid solution that includes revenue sharing opportunities, and delivers accelerated speed to market and ROI. Select Mobile Money is transforming the prepaid experience by linking prepaid card programs to the mobile environment, creating stickier customer relationships and extending the life of the prepaid card.
Cachet's prepaid debit card leverages MasterCard's payment processing network, enabling it to be used at more than 35 million locations worldwide where MasterCard is accepted. According to MasterCard, the prepaid market is expanding rapidly, growing 16% annually in the U.S. and on track to reach $421 billion by 2017.
Prepaid cards are often used by those with no credit or bad credit, as well as by teenagers and college students whose parents want to better manage their spending. Prepaid cards can be a better alternative to traveler's checks when making purchases overseas. They can also be linked to a routing number, allowing employers to pay workers with the card using direct deposit.
More information on Cachet's Select Mobile Money Solution can be found here.
About Frederick County Bank
Frederick County Bank is headquartered in Frederick, Maryland, and conducts full service commercial banking services through five bank centers located in Frederick County, Maryland.
About Select Mobile Money
Cachet's Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile application. Available for iOS and Android systems, the Select Mobile Money platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with feature-rich mobile app and branded general purpose reloadable prepaid card. The platform's powerful back-end analytics enable financial institutions to segment customers based on behavior and send relevant marketing notifications that keep customers engaged.
To learn more about Select Mobile Money, 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. The company's 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 consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. Enabled by Cachet's complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers or members. For more information, visit www.cachetfinancial.com.
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