Cachet Financial Solutions Provides The Bancorp With Advanced RDC Risk Mitigation Via CheckRisk Pro(TM)

New Risk Mitigation Tool Allows The Bancorp to Consolidate the Review Process for Deposit Images From Multiple Sources

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| Source: Cachet Financial Solutions

MINNEAPOLIS, June 3, 2014 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, a leading provider of remote deposit capture (RDC) and prepaid mobile money management solutions is pleased to announce that The Bancorp, through its U.S. financial institution The Bancorp Bank, has implemented CheckRisk Pro™, Cachet's innovative new tool for mitigating risk in remote deposit capture programs for financial institutions and credit unions.

"Cachet led the RDC industry with CheckReview™, our patent-pending tool for monitoring check images in real time," said Jeffrey Mack, President and CEO at Cachet Financial Solutions. "We know that mitigating risk is the number one concern for financial institutions looking to implement RDC programs. CheckRisk Pro helps our clients mitigate risks with a customizable platform for monitoring, decision-making, and measuring deposits from a variety of sources."

CheckRisk Pro is a Cachet-hosted solution that enables financial institutions to collect and process deposit information from multiple channels, regardless of the RDC vendor. The unique platform offers financial institutions the ability to tailor the risk mitigation process to their individual needs, including:

  • A streamlined workflow that can function as an autonomous system or with varying levels of manual interaction
  • Flexible decision-making rules covering a variety of variables including multiple deposit velocity metrics
  • Customizable reports and metrics for tracking operational performance of RDC programs

"The nature of our business means that we receive many check images from a variety of different sources, and we needed a more powerful way to mitigate our RDC risks," said Terri Gavin, First Vice President, Deposit Operations at The Bancorp. "CheckRisk Pro gives us a sophisticated and flexible tool for managing these deposit images and simplifying our existing processes."

To learn more about CheckRisk Pro, contact Cachet at info@cachetfinancial.com, or call 1.877.318.4449.

About Cachet Financial Solutions Inc.

Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money management and remote deposit capture solutions for PC, Mac and Mobile (utilizing Mitek's patented image-capture technology). Our industry-leading solutions help clients to increase customer/member engagement, grow revenues and gain competitive advantage. Cachet's cloud-based technology platform simplifies development, deployment and servicing of clients' consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. With our complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers/members. For more information, visit www.cachetfinancial.com.

About The Bancorp

With operations in the U.S. and Europe, The Bancorp is a family of companies dedicated to setting a new standard in financial services and payments innovation. The Bancorp remains one of the few companies in the world specialized in providing private-label banking and technology solutions for non-bank companies ranging from entrepreneurial start-ups to those on the Fortune 500. Through its regulated financial institutions, The Bancorp has been recognized as a National Preferred SBA Lender, a top custodian of Health Savings Accounts, a top ACH Originator, a top merchant acquirer and is the leading issuer of prepaid cards. For more information please visit thebancorp.com

Cautionary statement regarding forward-looking information

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:

  • our estimates of future expenses, revenue and profitability;
  • trends affecting our financial condition and results of operations;
  • our ability to obtain customer orders;
  • the availability and terms of additional capital;
  • our ability to develop new products;
  • our dependence on key suppliers, manufacturers and strategic partners;
  • industry trends and the competitive environment;
  • the impact of losing one or more senior executive or failing to attract additional key personnel; and
  • other factors referenced in this memorandum, including those set forth under the caption "Risk Factors."

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 8K filed with the Securities and Exchange Commission on February 12, 2014 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.

Judy German
Cachet Financial Solutions
(952) 698-6952