MINNEAPOLIS, April 04, 2017 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (NASDAQ:CAFN), a leading mobile financial technology provider and Central Bank of Kansas City (CBKC) were selected as the mobile prepaid platform of choice by Rebar Interactive.
Rebar develops and manages web-based applications, properties and consumer services for finance, education and insurance markets, including acquisition marketing and application processing for many financial services companies.
By deploying SMM-X, Rebar is looking to leverage its existing cross-selling and direct marketing reach, which includes a large consumer audience applying for online, signal pay, and installment loans, as well as prepaid cards.
The Select Mobile Money-Express (SMM-X) platform features a reloadable prepaid card, the Select Mobile Money Prepaid Mastercard managed and issued by CBKC.
Available for iOS and Android systems, the mobile app has convenient features including secure access with fingerprint authentication and technology to find nearby reload locations and ATMs.
“We have used and evaluated competitive offerings, yet none can provide the high level of functionality, flexibility, and speed of delivery of SMM-X,” commented Victor Valdez, managing director of Rebar Interactive. “We also see a strong need for this solution in the markets and populations we serve, where many people are unbanked or seeking alternative financial services to meet their money management needs.”
According to Jeffrey Mack, president and CEO of Cachet: “Our new partnership with Rebar reflects the value and unique capability of our mobile app and cloud-based platform. While there are many competitive prepaid programs in the marketplace, the practicality for organizations like Rebar are typically limited by low card usage and high abandonment. However, our Select Mobile Money platform changes that dynamic by linking the prepaid card to a robust mobile environment, thereby creating stickier customer relationships and extending the life of the card.”
A new study¹ recently released by the Federal Deposit Insurance Corporation (FDIC) revealed that the proportion of households using prepaid cards increased from 7.9% in 2013 to 9.8% in 2015, with the growth occurring broadly across socioeconomic and demographic groups. The FDIC reports that about one in five households in the survey identified as underbanked, and that these households are more likely to rely upon their mobile device as their primary means of managing their financial accounts.
The mobile technology provided by Cachet is complemented by the prepaid card program managed by a team of payments experts in CBKC’s Central Payments Division. “We have joined with Cachet to deliver a full-service payments solution that will enable community banks to offer the latest in mobile money technology,” said Trent Sorbe, president of Central Payments. “Our program with Rebar expands the reach of our prepaid program to both mobile-savvy customers as well as the more than 40 million underserved consumers using alternative financial products.”
The Select Mobile Money Prepaid Card is welcomed everywhere Debit Mastercard is accepted.
About Rebar Interactive
Rebar Interactive, LLC, is a media management agency with a focus on optimizing contact rates. Built around people, data and technology, connecting the synergies from these three areas enable our processes and deliver predictive analytics to our clients looking to improve performance across risk, marketing and sales. We believe in finding the right time to deliver the right message to the right customer in the right channel is key in controlling the value of every message we send our subscriber base. Marketing made simple by providing an optimization environment thorough decision management for our team and our clients. To learn more, go to www.rebari.com.
About Cachet Financial Solutions
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 largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, 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 suite of business and consumer solutions, financial institutions can better serve the needs of all their customers.
Cachet’s award-winning Select Mobile Money is a cloud-based SaaS platform that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile app. Available on iOS and Android systems, the platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with a feature-rich mobile app and branded general purpose reloadable prepaid card. 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, email info@cachetfinancial.com or visit www.cachetfinancial.com/solutions/mobile-money-management. For more information, visit www.cachetfinancial.com.
About Central Payments and Central Bank of Kansas City
Central Payments operates as the payments division of Central Bank of Kansas City (CBKC) and administers prepaid card programs issued by CBKC via retail, employer/payroll, and online outlets nationwide. CBKC is a sixty-four year-old family-owned Bank located in the heart of Kansas City, Missouri and one of 136 financial institutions in the country certified by the U.S. Treasury as a Community Development Financial Institution (“CDFI”). CBKC and Central Payments share the mission to provide high quality financial products to consumers of modest means and who historically have not enjoyed the benefits of affordable and accessible financial services. “Treat Each Customer’s Balance as Though It’s All They Have” guides our approach to product design, customer service, and affordability. Member FDIC. Visit www.central-payments.com or www.centralbankkc.com for more information.
Important Cautions Regarding Forward-Looking Statements and other Notices
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. 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 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission on April 14, 2016, under the heading "Risk Factors" and in the other reports we file with the Commission. You are cautioned not to place undue reliance on 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.
The Select Mobile Money Prepaid Mastercard is managed and issued by Central Bank of Kansas City (CBKC), Member FDIC, under license from Mastercard International Incorporated. Mastercard is a registered trademark of Mastercard International Incorporated, and other trademarks are the property of their respective owners.
¹2015 FDIC National Survey of Unbanked and Underbanked Households, October 2016