MINNEAPOLIS, April 11, 2017 (GLOBE NEWSWIRE) -- Digiliti Money, Inc. (NASDAQ: DGLT ), a leading mobile financial technology provider, was selected as the mobile banking platform for New Jersey-based Garden Savings Federal Credit Union.
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The Select Mobile Money-Express (SMM-X) platform features a reloadable prepaid card, the Select Mobile Money Prepaid MasterCard ® , which Garden Savings will offer its 25,000 members throughout New Jersey.
“We’ve built our credit union on the foundation of superior member service,” stated Garden Savings’ President and CEO Lou Vetere. “Now with this deployment of SMM-X, we can offer our members best-of-breed prepaid mobile banking technology, services and convenience. It also helps us fulfill a need in the communities we serve, particularly as a second-chance offering for potential members who don’t qualify for the standard checking account.”
Easily accessible via a bilingual companion mobile app, cloud-based mobile services include account management, check-to-card fund loading with an option for “instant good funds,” and card-to-card transfer and remittance. Cardholders may send money internationally to family and friends with fully-integrated, seamless and secure money transfer and gain access to a national mobile coupon network of 150,000 merchants offering local deals*.
“We evaluated a number of alternatives, however, none could provide the high level of functionality and flexibility delivered by Digiliti Money,” noted Michael Powers, Garden Savings’ vice president of marketing and lending. “Since our members have a strong affiliation with our brand, it was essential that we could brand the card and app with our logo and colors. Also, with existing support of an issuing bank and card processer, the turn-key program significantly lowered our deployment costs and regulatory risks. Given the flexibility of the platform and the lower comparative costs for end-users, we can more easily expand our offering in the future to include payroll and other types of prepaid card programs.”
The app has convenient features including secure access with fingerprint authentication and technology to find nearby reload locations and ATMs.
Jeffrey Mack, company chairman and CEO of Digiliti Money, said, “Garden Savings’ deployment of SMM-X demonstrates a growing market demand for a prepaid card program that can be delivered expeditiously, but without compromise. While prepaid cards have been available for years, the practicality for financial institutions has been limited by factors such as low usage and high abandonment. SMM-X changes that dynamic by linking the prepaid card to a robust mobile environment, thereby creating stickier customer relationships and extending the life of the card.”
A new study¹ recently released by the Federal Deposit Insurance Corporation (FDIC) revealed that the proportion of households using prepaid cards increased from 7.9% in 2013 to 9.8% in 2015, with the growth occurring broadly across socioeconomic and demographic groups. The FDIC reports that about one in five households in the survey identified as underbanked, and that these households are more likely to rely upon their mobile device as their primary means of managing their financial accounts.
Digiliti Money’s express prepaid card program is managed by Central Bank of Kansas City. The Digiliti Money prepaid card is accepted at more than 35 million locations worldwide as part of the MasterCard payment network.
About Select Mobile™ Money Digiliti Money’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. To learn more about Select Mobile Money, email info@digilitimoney.com or visit https://www.digilitimoney.com/solutions/mobil...management .
About Garden Savings Federal Credit Union Garden Savings Federal Credit Union was founded in 1968 to serve the financial needs of employees who worked for AT&T Bell Laboratories (presently known as Alcatel-Lucent). In 1985, Garden Savings expanded its field of membership to include other sponsor companies, as well as people who live, work, worship, volunteer or attend school in Newark, Elizabeth, or Jersey City. Today, with more than $300 million in assets, nearly 60 employees and four branches, Garden Savings serves more than 25,000 members representing over 150 Select Employer Groups (organizations/companies). To learn more, go to www.gardensavingsfcu.org . About Digiliti Money, Inc. Digiliti Money 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, Digiliti Money 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, Digiliti Money 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. Digiliti Money’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 Digiliti Money’s complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.digilitimoney.com/ .
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About Central Bank of Kansas City CBKC is a 60 plus-year-old family-owned Bank located in the heart of Kansas City, Missouri (FDIC Certificate #17009). We are one of 136 banks in the country certified as a Community Development Financial Institution (“CDFI”) and have enjoyed this designation since 1998. A CDFI takes on as its mission a focus on delivering services to a demographic that has historically not enjoyed the benefits of affordable and accessible financial products.
Since inception, we have been committed to developing and offering products and services that are responsive to the unique needs of the neighborhoods we serve. Due to our steadfast commitment to value for the low- and moderate-income consumer, we have earned a national reputation for excellence in serving the LMI community. Our CRA rating of “Outstanding” (which we have maintained since 1995), is a reflection of our view that it is a privilege to be a CDFI and to serve the most urban and historic neighborhoods of Kansas City.
CBKC was an early adopter of prepaid debit cards. In 2002, we offered an early version of stored value cards to our customers and potential customers unable to qualify for a checking account. The concept was to deliver a low cost, high functioning financial access tool to those that were unbanked or underbanked. We recognized early on that this service was something our target population needed and wanted. Important Cautions Regarding Forward-Looking Statements and other Notices 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. 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 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.
*The Select Mobile Money Prepaid MasterCard is issued by Central Bank of Kansas City (CBKC), Member FDIC, under license from MasterCard International Incorporated. Deals, mobile coupons, remittance transfers and Ingo Money are third party services and are not services of CBKC. CBKC is not affiliated with Access Development (Deals/Mobile Coupons), Viamericas (remittance transfers), First Century Bank or Ingo Money, and does not sponsor these offers. MasterCard is a registered trademark of MasterCard International Incorporated, and other trademarks are the property of their respective owners.
¹2015 FDIC National Survey of Unbanked and Underbanked Households, October 2016
Company Contact: Bryan Meier, EVP & CFO Digiliti Money, Inc. Tel 952.698.5214 bmeier@digilitimoney.com Investor Relations Contact: Matt Glover or Najim Mostamand Liolios Group, Inc. 949-574-3860 DGLT@liolios.com
