MINNEAPOLIS, March 09, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile fintech provider, has been selected by CereTel Inc., an international telecommunications leader, to develop, deploy and manage a new prepaid mobile banking platform to be offered to CereTel’s global customer base of more than 6 million consumers and sold via the company’s distribution network of more than 40,000 retail stores across the U.S. This major retail opportunity is expected to go live in Q2 2016.
Key components of CereTel’s prepaid card program, powered by Cachet’s award-wining Select Mobile™ Money platform, include a reloadable general purpose prepaid debit card, robust mobile application, easy website account management, and a convenient web portal for ordering cards. Cachet will handle all card issuance, processing and program management for CereTel, including card production and fulfillment of card orders, accelerating CereTel’s speed to market and ROI. CereTel’s prepaid debit card from Cachet will leverage a major payment processing network, enabling it to be used at more than 35 million locations worldwide wherever that program is accepted.
“CereTel is focused on offering innovative solutions to bring our foreign-born, underserved customers access to mainstream products, and financial mobility services are a key element in achieving our goals,” commented Thomas Lynch, CEO of CereTel. “We’re confident we’ve found the right partner in Cachet, with a comprehensive, market-ready platform, enabling us to accelerate our speed to market in bringing this new product to our customer base.”
CereTel’s prepaid debit cardholders will be able to use Cachet’s Select Mobile Money application to check their card balance and transaction history, deposit checks, send money internationally to their family and friends, and save money via a national coupon network representing 150,000 merchants. In a later phase, cardholders will also be able to top up (add minutes) to their own or another’s prepaid wireless plan using the Select Mobile Money application or purchase international long distance minutes for calling friends and family abroad. Currently, more than 500,000 U.S.-based customers from Latin America, the Caribbean, Africa and other overseas locations make a purchase every month of CereTel’s products, including its STi, Wise and Kare branded international calling and top-up products.
“We’re excited to partner with CereTel to bring prepaid mobile financial services to the telecommunications industry,” said Jeffrey Mack, president and CEO of Cachet. “This major retail opportunity for Cachet is indicative of the growing demand for Cachet’s innovative mobile solutions outside of traditional financial institutions, by alternative financial services providers looking to deepen customer relationships and expand market reach by offering prepaid mobile financial services.”
Prepaid cards are often used by those with no credit or poor credit, and by teens, college students and young adults 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. 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.
About Select Mobile™ Money
Cachet’s Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions (FIs) and alternative financial services (AFS) providers 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 prepaid providers 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 CereTel Inc.
With a presence in 46 states, distribution in more than 40,000 immigrant-focused stores and a customer base of more than 6 million consumers, CereTel is one of the leading prepaid long distance providers and mobile top-up providers in the United States. CereTel’s brands include STi, CVT, Wise Minutes, Kare and Phone Cards Direct. CereTel’s global team includes more than 100 professionals, reflecting the wonderfully varied markets it serves.
CereTel’s success is the result of meeting challenges head-on, innovation, a passion for helping our consumers advance, and strong values. CereTel’s team of professionals has a rich, long-term heritage of improving the world of communications with high-performing infrastructure, technological progress and innovative services.
To learn more about CereTel, contact us at info@ceretel.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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