MINNEAPOLIS, Dec. 29, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading provider of remote deposit capture and mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, will deploy both consumer and business remote deposit capture (RDC) solutions for San Diego Private Bank and its banking divisions: Coronado Private Bank and Newport Private Bank. The high-profile California bank services primarily high net worth individuals and businesses. San Diego Private Bank is owned by Private Bancorp of America, Inc. (OTCQB:PBAM)
San Diego Private Bank will upgrade their merchant capture solution currently with Jack Henry’s Goldleaf to Cachet’s omni-channel Select Business™ Merchant Capture. The bank’s growing base of merchants will transition to Cachet’s advanced RDC platform by second quarter of 2016. The bank will also offer Cachet’s Select Mobile™ Deposit solution to its mobile banking users via integration with the bank’s mobile banking provider, Q2.
“We’re pleased to partner with a leading RDC innovator like Cachet to upgrade our business and consumer offerings,” said Scott Hurtik, CIO of San Diego Private Bank. “Cachet’s ability to deliver single sign-on, Mac compatibility and advanced fraud protection is vital to service our very discerning customer base.”
Cachet’s Select Business Merchant Capture, a cloud-based software solution, will enable the bank’s commercial 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 ATM to make a deposit. Select Business 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.
Select Mobile Deposit, also a cloud-based software solution, will give San Diego Private Bank’s consumer customers the ability to use their mobile device to deposit checks electronically—anywhere, anytime. Available for iOS or Android devices, Select Mobile users simply download the mobile app, use their smartphone or tablet to snap a photo of the front and back of their check, and then submit electronically for deposit.
“We’re pleased to empower San Diego Private Bank with the most secure and reliable remote deposit capture solutions available today,” said Jeffrey Mack, president and CEO of Cachet Financial Solutions. “Cachet’s multi-channel merchant capture and robust mobile deposit solutions improve convenience for our client’s customers, while simultaneously mitigating risk.”
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
