MINNEAPOLIS, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile FinTech provider, has completed the rollout of a major upgrade of its award-winning Select Mobile™ Money prepaid mobile platform.
Select Mobile Money supports prepaid card program providers and distributors by providing a feature-rich companion app for iOS or Android mobile devices, multi-language support, advanced functionality and industry-leading banking services, as well as easy online card enrollment for the platform’s express card program. Powerful back-end analytics can segment users based on behavior, enabling relevant push notifications and in app marketing messages that keep users engaged.
The latest version of Select Mobile Money features new multitenant capabilities that allow card program managers to deploy uniquely branded mobile apps for each of their card programs, quickly and easily. Configuration of each app is performed through the platform’s new administration web portal. Through the portal, Cachet clients can now immediately design apps and view the branding and customization of their mobile app as it is created. The ability to immediately create, view and approve the online design reduces the design cycle from 2-3 months to as little as 2 hours or less. This new self-service capability helps speed time-to-market and dramatically reduces development and deployment costs.
The enhanced Select Mobile Money platform also now offers a fully-integrated, seamless and secure international money transfer capability powered by Viamericas’ Vianex Money Transfer-as-a-Service (MTaaS). Single sign-on and complete transaction histories allows users to easily make repeat transactions with previously saved recipients.
Nearly all of Cachet’s major white-label Select Mobile Money clients have completed the platform upgrade or have committed to do so, including Pawn America’s CashPass , FirstView Financial , and LSC , among others.
“Leading card providers partner with Cachet because we offer the most advanced and complete package tailored for the mobile money industry, ranging from easy integration to a full set of intelligently-designed features and functionality,” noted Jeff Mack, president and CEO of Cachet Financial Solutions. “These new capabilities and features reflect we’ve been listening carefully to user feedback and requests, and we can now offer a much stronger value proposition to any business looking to start a prepaid card program.”
The highly-customizable Select Mobile Money mobile app offers a variety of services that help card users to manage their prepaid cards and personal funds easily, including account management, transaction history, card-to-card transfer, check-to-card loading with immediate good funds option, and other convenient services. Location-based technology allows users to easily pinpoint nearby reload locations and ATMs, as well as access a national mobile coupon network with local deals. The app also features fingerprint ID, home screen balance preview, and the ability for users to personalize the app with a selfie or avatar.
“In today’s mobile society, consumers expect mobile access to financial services, and apps that are easy to use and personalize,” continued Mack. “For prepaid card program managers, the convenience and advanced functionality of Select Mobile Money helps extend the life of a prepaid card, and allows for stickier, more profitable customer relationships.”
Prepaid Card Quick Facts
- Nearly 1 in 4 U.S. consumers own a reloadable prepaid card¹
- Millennials (age 18-32) and Gen Xers (age 33-48) account for 80% of prepaid card owners 2
- 27% of prepaid users earn more than $100,000 per year 2
- 22% of the unbanked have used a prepaid card in the last 12 months 3
- Proportion of households that used a prepaid card in the past 12 months increased from 7.9% to 9.8%, with growth across all socioeconomic and demographic groups 4
About Cachet Financial Solutions Cachet Financial Solutions, Inc. 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 largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, 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 suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com .
About Select Mobile™ Money Cachet’s award-winning Select Mobile Money is a cloud-based SaaS platform that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile app. Available on iOS and Android systems, the platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with a feature-rich mobile app and branded general purpose reloadable prepaid card. Powerful back-end analytics enable financial institutions to segment customers based on behavior and send relevant marketing notifications that keep customers engaged. Apple Pay™ and Apple Watch™ integration is also available.
References:
1) TD Bank 2015 Prepaid Card Survey 2) BI Intelligence, The Prepaid Cards Report 2015 3) Pew Charitable Trusts, Banking on Prepaid 2014 4) Federal Deposit Insurance Corporation (FDIC) 2015 Survey
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 that 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 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2015, 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. You are cautioned not to place undue reliance on 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.
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Media Contact: Judy German, VP & CMO Cachet Financial Solutions, Inc. 952.698.6991 jgerman@cachetfinancial.com Investor Relations: Matt Glover or Najim Mostamand Liolios Group, Inc. 949-574-3860 CAFN@liolios.com
