MINNEAPOLIS, April 20, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile fintech provider, announced today that PAYTOO Corp., an international mobile wallet provider, will deploy their mobile account opening solution for PAYTOO’s mobile wallet and PAYTOO Kiosks at locations nationwide.
Cachet’s Select Mobile™ Account Opening solution will streamline and enhance the PAYTOO mobile wallet account opening process by eliminating cumbersome and error-prone manual entry. Consumers will be able to easily and securely open an account by using the camera on their smartphone, or the PAYTOO kiosk ID scanner, to capture an image of the front and back of their driver’s license or other state approved identification. Select Mobile Account Opening will read the image, verify image quality, and prefill the PAYTOO mobile wallet application form with the applicant’s pertinent data. After the application has been approved by PAYTOO, applicants will be able to fund the account via mobile check deposit or ACH. Cachet’s Select Mobile Account Opening will save PAYTOO’s customers the time and hassle of manually entering their information, and thereby increase the likelihood they will complete the application process.
“We’re excited to partner with Cachet to offer our customers a great account opening experience that enhances the account opening process for our customers and differentiates the PAYTOO mobile wallet in the marketplace,” said Michel Poignant, CEO of PAYTOO Corp. “Cachet’s account opening solution reduces friction in the account opening and helps us provide easier access to affordable and secure financial services for millions of unbanked consumers.”
Poor user experiences that drive abandonment are a serious problem with online and mobile account opening today. Abandonment rates for online account opening typically fall between 40% and 70%, according to the Mercator Advisory Group. The few institutions that have enabled mobile account opening see rates closer to 70%, reports Mercator, due to the effects of shrinking an already complicated form down to fit a 5-inch screen.
“Great relationships are built on great first impressions,” commented Jeffrey Mack, president and CEO of Cachet. “We’re very pleased to provide PAYTOO with an industry unique mobile account opening solution that facilitates faster and easier account enrollment for their customers, while decreasing abandonment rates and providing competitive advantage for PAYTOO.”
About PAYTOO Corp.
PAYTOO® is a brand of PAYTOO Corp., a US organization founded in 1999. PAYTOO launched in 2009 its beta version of mobile solution to combine telecommunications and payments into one single account. This global platform is called the PAYTOO Mobile Wallet™ and is a digital alternative to a traditional bank account in which consumers securely store their money and spend it, however and wherever they want.
After five years of development, PAYTOO has now international presence and a suite of services to include Mobile Wallet and related PAYTOO services, cardless ATMs and multi-services Kiosk.
To learn more about the PAYTOO® secured account or the other mobile financial products offered by PAYTOO Corp., visit us at http://www.paytoo.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.
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 10K 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. 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.
Judy German, VP & CMO
Cachet Financial Solutions, Inc.
María Eugenia Ginés, Media Relations
Matt Glover or Najim Mostamand
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