MINNEAPOLIS, Aug. 4, 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, has launched an express version of its Select Mobile™ Deposit, providing smaller banks and credit unions across the U.S. with an affordable, market-ready mobile deposit solution to offer their customers and members.
Cachet's Select Mobile Deposit-Express removes the barriers to entry typical of mobile deposit solutions, enabling smaller financial institutions to compete more effectively for today's mobile-centric consumers and businesses. The market-ready, standalone mobile application minimizes start-up costs and simplifies deployment, accelerating speed to market and ROI for smaller financial institutions. The Express version comes with the same full-service support as Cachet's custom mobile deposit solution, including dedicated client services, strategic marketing, 24/7 helpdesk and advanced risk mitigation with duplicate detection.
"Despite tremendous growth in adoption, mobile deposit has been cost prohibitive for many smaller banks and credit unions, increasing risk of customer attrition and loss of market share," said Jeffrey Mack, president and CEO of Cachet. "Cachet's Select Mobile Deposit-Express is a game-changer for these financial institutions, enabling them to protect market share and compete with much larger competitors via quick and affordable deployment of an easy and secure mobile deposit solution."
Select Mobile Deposit-Express, a cloud-based software solution, is available for iOS or Android devices and enables a financial institution to offer its customers or members the ability to use their mobile device to deposit checks electronically—anywhere, anytime—eliminating trips to a branch or ATM. Users simply download the mobile app and use their smartphone or tablet to snap a photo of the front and back of their check and then submit electronically for deposit at their financial institution.
Through 2016, more than 6,000 financial institutions will offer mobile deposit, which will be used by approximately 87 million customers, according to a new Celent report, State of Remote Deposit Capture 2015. That would be up from about 5,000 financial institutions this year, and 62 million end users. Celent predicts RDC to account for a third of retail bank deposits by year-end 2015 and half by 2016.
To learn more about Select Mobile Deposit-Express, 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.
Forward-Looking Statements
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