MINNEAPOLIS, July 28, 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 Select Business™ Merchant Capture platform for 1st Century Bank, based in Los Angeles, California. The bank will begin transitioning select clients from their current business RDC platform to Cachet's Select Business by the end of this summer.
Select Business, a cloud-based software solution, will enable the bank to offer its Mac-based business customers the ability to electronically deposit checks using their office desktop scanner, eliminating a trip to the bank or ATM. The bank's business customers will also be able to better monitor and manage their businesses on the road with the ability to submit multiple check deposits remotely, track deposits made by their employees in the office and in the field, and supervise employees' deposit activities, all via their mobile devices.
"We were looking for a state-of-the-art solution that would help us to expand market share and meet growing customer demand for Mac capabilities," said Jason P. DiNapoli, Chief Executive Officer of 1st Century Bank. "Many of our customers are in the entertainment industry and are Mac-based businesses, so Cachet's omni-channel RDC solution perfectly fits the mobile banking needs and diverse technical requirements of our business customers."
A recent Celent report on the small business RDC opportunity reveals that the majority of top U.S. banks consider a commercial mobile RDC (mRDC) product to be highly important. A single platform that supports both desktop and mobile capture is ideal, according to the report. The report also identifies Cachet as one of only two RDC vendors offering a complete solution including a single mRDC platform and all of the most important mRDC capabilities.
"It's very exciting to see the growing interest and demand for Cachet's Select Business RDC solution," said Jeffrey Mack, president and CEO of Cachet. "Select Business is helping more and more banks, like 1st Century, to improve market position by strengthening relationships with their current business customers, attracting new business customers, and reducing costs by minimizing routine branch transactions."
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.
About 1st Century Bancshares, Inc.
1st Century Bancshares, Inc. is a publicly owned company traded on the NASDAQ Capital Market under the symbol "FCTY." The Company's wholly-owned subsidiary, 1st Century Bank, N.A., is headquartered in the Century City area of Los Angeles, with a full service business bank in Century City, CA, and relationship offices in Santa Monica and Beverly Hills, CA. The Bank's primary focus is serving the specific banking needs of entrepreneurs, professionals and small businesses with the personal service of a traditional community bank, while offering the technologies of a big money center bank. The Company maintains a website at www.1cbank.com. By including the foregoing website address link, the Company does not intend to and shall not be deemed to incorporate by reference any material contained therein.
Forward-Looking Statements
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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.