MINNEAPOLIS, Nov. 05, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading financial technology (fintech) provider of cloud-based remote deposit capture (RDC) and mobile money solutions, has enhanced their Select Business™ Merchant Capture solution, enabling financial institutions to offer their business customers immediate “good funds” and advanced fraud protection.
Cachet’s Select Business Merchant Capture is a cloud-based software solution that enables financial institutions’ business customers to electronically deposit checks via an office desktop scanner or mobile device, saving the time and cost of making a trip to the bank or credit union to make a deposit. Mobile users can access all the same functionality of an advanced merchant RDC system via their tablets or smartphones, including capturing multiple checks in a single mobile deposit.
Cachet has integrated its Select Business solution with Ingo Money’s proven risk decisioning and validation services, giving businesses the option to pay a fee on approved checks for quicker access to their funds versus waiting the standard 3-5 business days. This “good funds” access provides immediate and irreversible access to funds—without risk of future reversal—even in the event that a check returns unpaid. Quicker access to their funds gives businesses more flexibility in managing their cash flow and meeting their obligations.
Cachet has also integrated Advanced Fraud Solutions’ (AFS) TrueChecks™ risk management software into their Select Business Merchant Capture platform, enabling businesses to check deposited items against all deposit channels in real time. Deposits are matched against AFS's databases, which are updated daily to reduce risk, detect duplicates and improve fund availability. Any checks identified as counterfeit, NSF, duplicate, or associated with a closed account, will be rejected, protecting Cachet’s clients from associated losses. Cachet had previously integrated AFS’s software into their mobile deposit solution during June of this year and has now enhanced its merchant capture solution with the same fraud-fighting power.
“We are pleased to empower financial institutions with the most secure and reliable merchant capture solution available today,” said Jeffrey Mack, president and CEO of Cachet Financial Solutions. “These latest Select Business enhancements demonstrate Cachet’s market leadership and commitment to driving ongoing innovations that make it easier for financial institutions to secure more customers and grow their businesses.”
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading financial technology provider of mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into an industry 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 .
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 10K filed with the Securities and Exchange Commission on April 14, 2015 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.
Media Contact: Judy German, VP & CMO Cachet Financial Solutions, Inc. 952.698.6991 jgerman@cachetfinancial.com Investor Relations: Darin McAreavey, EVO & CFO Cachet Financial Solutions, Inc. 952.698.5214 dmcareavey@cachetfinancial.com
