MINNEAPOLIS, Jan. 20, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading provider of remote deposit capture (RDC) and mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, announced today that a top U.S. bank with more than $35 billion in assets is upgrading to the company’s enhanced Select Business™ Merchant Capture solution to better serve their Mac-based commercial customers.
The bank, an early adopter of Cachet’s industry-leading Mac-supported RDC solution, plans to upgrade its nearly 400 Mac-based merchants to Cachet’s enhanced Select Business platform by the end of February. Enhanced Select Business, a cloud-based software solution, will enable the bank to offer its Mac-based merchants the convenience and functionality of an advanced RDC solution, including the following key benefits:
- Unique API-driven business platform that enables integration with current treasury system and a single client portal
- Streamlined workflow that simplifies merchant on-boarding and user set-up across platforms
- Intuitive and user-friendly interface that allows easy navigation between deposits, reports and activities
- More comprehensive audit reporting capabilities that enable financial institutions to more easily meet new compliance requirements
- Option to add additional enhancements , including mobile access to RDC functionality enabling merchants to better manage their businesses on the road, and “good funds” giving merchants the option to pay a fee for quicker access to their funds and more flexibility in managing their money
“Most merchant capture products offered to small businesses today are too complex and expensive,” stated Jeffrey Mack, president and CEO of Cachet Financial Solutions. “Cachet’s enhanced Select Business offers a single platform with multiple capture options giving financial institutions much needed flexibility in serving the diverse needs of their customers, enabling them to strengthen relationships, attract new customers and expand market share, all while reducing operational costs and increasing profitability.”
With more than half of mobile banking users enjoying the benefits of mobile RDC, demand is now growing among small business and commercial users, according to a recent Celent report: State of Remote Deposit Capture 2015. This growing demand for small business mobile RDC is expected to accelerate the decline in branch foot traffic and lead to RDC accounting for half of retail bank deposits by 2016.
About Select Business™ Merchant Capture
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. A true omni-channel RDC solution, Select Business works seamlessly across multiple desktop and mobile operating systems, ensuring a consistent user experience across channels. Mobile users can access all the same functionality of an advanced merchant RDC system via their mobile devices, including capturing multiple checks in a single mobile deposit. Select Business also gives businesses the option to pay a fee on approved checks for quicker access to their funds versus waiting the standard 3-5 business days. Quicker access to their funds gives businesses more flexibility in managing their cash flow and meeting their obligations.
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, EVP & CFO Cachet Financial Solutions, Inc. 952.698.5214 dmcareavey@cachetfinancial.com
