MINNEAPOLIS, May 5, 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 (AFS) providers, has expanded its partnership with a top five commercial bank in the U.S. to deploy three new prepaid mobile platforms for one of the world's largest supermarket chains.
In July 2014, the bank partnered with Cachet to deploy the company's award-winning Select Mobile™ Money prepaid mobile application to allow the grocery store's prepaid card users to view their balances and transaction detail, reload money, and transfer funds from inside the app. Due to the success of Cachet's mobile platform, the bank recently expanded its relationship with Cachet to deploy three new mobile platforms for two of the grocery store chain's largest regional subsidiaries, as well as for the chain's 700 convenience stores across 19 states.
The supermarket and convenience store customers will have access to a full suite of convenient mobile account services through Cachet's mobile platform. Prepaid card users can view balances and transaction detail, reload money, pay their wireless bill and transfer funds all from inside the app. Powerful back-end analytics and messaging capabilities will allow the supermarkets and convenience store chain to segment cardholder behavior as well as send relevant marketing messages to keep customers engaged in using the mobile application.
"Expansion of our partnership with this top U.S. bank reflects the strong value proposition of our best-in-class prepaid mobile platform, Select Mobile Money," stated Jeffrey Mack, president and CEO of Cachet Financial Solutions. "We continue to lead the industry in providing innovative and secure mobile functionality, which has become an increasingly critical requirement of financial services organizations. Cachet's solutions are proven to generate meaningful ROI for our clients by significantly enhancing the end user experience as well as extending the card life of prepaid programs."
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 and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into a technology leader and trusted partner of some of the world's largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technologies, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
The company's industry-leading solutions help clients to increase customer 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. For more information, visit www.cachetfinancial.com.
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