MINNEAPOLIS, Jan. 13, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of cloud-based SaaS mobile money management technology to banks, credit unions and other financial services organizations, has been selected to provide its Select Mobile™ Money app for Navy Federal Credit Union's new "GO Prepaid Card."
With Cachet's award-winning Select Mobile Money app, Navy Federal members can load money onto their GO Prepaid Card with their Navy Federal debit or credit card, manage a companion card, view account activity and balances, as well as locate the nearest branch, ATM or Readylink cash locations from their mobile devices. Companion card members can also request funds through push messaging or suspend their card if needed.
"The success of our collaboration with Navy Federal for the Visa® Buxx reloadable prepaid card program, which launched last summer, was a key driver for Navy selecting us for this major follow-on deployment," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "In fact, more than 50% of Navy Federal's Buxx prepaid cardholders downloaded the app, which far exceeded our expectations."
"As financial institutions adapt to meet the evolving needs of today's technology savvy consumers," added Youri Bebic, SVP of Mobile Innovations at Cachet, "the advanced capabilities of our Select Mobile Money platform provides everything prepaid cardholders need to manage their accounts from their smartphones. Our platform is the ideal solution for the on-the-go mobile banking consumer."
Elizabeth Dean, Manager of Debit Card Services for Navy Federal Credit Union, commented: "The tremendous success of our Visa Buxx program led to the expansion of our relationship with Cachet to provide prepaid mobile money management capabilities to all of our members with the GO Prepaid Card. Our cutting-edge banking solutions demonstrate our commitment to meet the evolving needs of our over 5 million members."
About Select Mobile Money
Cachet's Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile application. Available for iOS and Android systems, the Select Mobile Money platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with feature-rich mobile app and branded general purpose reloadable prepaid card. The platform's 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, contact Cachet at info@cachetfinancial.com.
About Navy Federal Credit Union
Navy Federal Credit Union is the world's largest credit union with $60 billion in assets, 5 million members, 251 branches, and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard active duty, civilian, and contractor personnel and their families. For additional information about Navy Federal, visit www.navyfederal.org.
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. The company's 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 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 or members. For more information, visit www.cachetfinancial.com.
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