MINNEAPOLIS, March 12, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of cloud-based SaaS mobile money technologies to banks, credit unions and alternative financial services providers, has launched Select Mobile™ NowPay, a new cloud-based solution that allows Apple iPhone™ or Android-based smartphone users to make electronic payments by check.
NowPay enables convenient and secure mobile check payments for loans, leases, memberships and more. Mobile users can now make these payments by check anywhere and anytime, avoiding special trips to the post office, bank or loan office, and eliminating the worry of late payments.
You make a NowPay payment by first taking a photo of your signed check with the Select Mobile™ NowPay app or your existing financial institution's mobile banking app that has been enabled with NowPay. Then, rather than having to electronically deposit the funds to a bank account and wait for the funds to clear, you can immediately send the payment.
Key features for Select Mobile NowPay users include:
- Multiple account capability allows payments to multiple NowPay accounts all from one easy-to-use app
- In-app transaction history provides convenient and secure ability to track and confirm payments
- Data privacy and security assurance, with the same level of data-encryption and security as traditional online banking
For banks, credit unions and alternative financial services providers that deploy NowPay for their customers, key benefits and features include:
- Flexible deployment as a standalone or integrated with other apps
- Compliance-ready with industry-standard security features
- White-label app provides branding options with corporate logo and colors
- Quick and easy setup for rapid ROI
"Select Mobile NowPay is another industry-first solution from Cachet that transforms the payment experience for on-the-go consumers, while providing financial institutions a valuable new recurring revenue stream," said the company's president and CEO, Jeffrey Mack. "NowPay is the sixth product to be added to our award-winning Select Mobile™ suite, which demonstrates our commitment to continued product development that brings our financial services clients and their customers unmatched mobile banking solutions. As consumers increasingly transition to mobile-centric banking products, Cachet continues to lead this multi-billion dollar revolution with the most robust technology on the market."
Cachet recently filed a related patent application for the process of taking an expedited loan payment from a consumer who may or may not have a banking relationship with the financial institution accepting the payment. The patent application covers key processes around Cachet's Select Mobile and Check Review™ products.
Cachet has a long track record of innovation and industry firsts, including the first RDC solution for Apple users as well as the first mobile money platform that integrated with Apple Pay. "This patent application reaffirms our position as an industry leader and supports our unique value proposition for new and existing customers," added Mack.
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.
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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