MINNEAPOLIS, July 14, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading provider of cloud-based SaaS (Software as a Service) mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, will deploy its award-winning Select Mobile™ Money platform for SOLE Financial's Visa Paycard.
SOLE Financial, a pioneering payroll card services provider, offers U.S. employers SOLE Paycards to increase direct deposit participation. The SOLE Paycard allows unbanked employees to receive their paychecks via direct deposit to a payroll card and provides a safe, secure and convenient way for employees to access their funds at any time.
SOLE Paycard users will have access to a full suite of convenient mobile account services through Cachet's mobile platform. Users can view balances and transaction detail, pay their wireless bill, transfer funds and reload money; all from inside the app. Users will also have the ability to access their deposits within minutes with an "instant good funds" feature. The app will also offer location-based technology that can pinpoint nearby reload locations and ATMs. Powerful back-end analytics will enable employers to segment cardholder behavior as well as send relevant marketing messages to keep their employees engaged in using the mobile application
"We're thrilled to partner with Cachet to bring convenient and secure mobile financial services to our Paycard clients," said Tom Secor, co-founder and president of SOLE Financial. "Enhancing the Paycard experience with Cachet's proven mobile platform helps us to retain cardholders and attract new payroll partners. It also demonstrates our commitment to staying ahead of the curve in providing tools to better serve the unbanked."
The term "unbanked" refers to those who use non-traditional methods to access their money such as payday lenders or check cashers. "Underbanked" are those who may have access to a bank account but mostly rely upon non-traditional financial services. Accessibility to mobile banking is especially important to these consumers. Findings from an FDIC survey showed that 32.4 percent of underbanked households used mobile banking as their main banking method, compared with 21.6 percent of people with traditional bank accounts.
"Cachet is pleased to partner with SOLE Financial to help transform the prepaid experience for their payroll partners and cardholders," stated Jeffrey Mack, Cachet's president and CEO. "Cachet's Select Mobile Money application empowers unbanked and underbanked cardholders by providing access to financial services traditionally associated with bank accounts, boosting customer loyalty and extending the life of our clients' prepaid card programs."
About Select Mobile Money
Cachet's award-winning 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 (GPR) or payroll 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 in using the app. The Platform is also now offered with the option for Apple Pay™ integration and Apple Watch™ functionality. To learn more about Select Mobile Money, contact Cachet at info@cachetfinancial.com.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions 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 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.
All trademarks, service marks, and registered marks are the properties of their respective owners.
Visa, is a registered trademark of Visa International Service Association. Apple Pay and Apple Watch are registered trademarks of Apple Inc. Select Mobile Money is a registered trademark of Cachet Financial Solutions.
The SOLE Paycard is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Bancorp Bank; Member FDIC.
The SOLE Paycard is also issued by Axiom Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Axiom Bank; Member FDIC.
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.