MINNEAPOLIS, July 20, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile FinTech provider, announced today that Rapid Financial Solutions (RFS), a leading prepaid card and payment solutions provider, will integrate Cachet’s award-winning Select Mobile™ Money SaaS solution with its RFS payment processing platform.
Used by millions of consumers and hundreds of businesses every day, the RFS processing engine handles a variety of digital transactions, including direct deposit, payroll cards, prepaid debit cards, wire transfers, mobile payments, structured payments and e-checks.
Cachet’s Select Mobile™ Money will support Rapid’s portfolio of nine prepaid card programs by providing a feature-rich companion app for iOS or Android mobile devices. The mobile app will offer Rapid’s more than 2 million cardholders a variety of convenient services to help them better manage their prepaid cards and personal funds, including account management, transaction history, card-to-card transfer, check-to-card loading with immediate good funds option, and other convenient services.
The app will also feature location-based technology that can pinpoint nearby reload locations and ATMs, as well as a national mobile coupon network with local deals. Advanced features will include fingerprint authentication and multi-language support.
Powerful back-end analytics will enable Rapid to segment its card users based on behavior, and then send relevant push notifications and in-app messages that keep them engaged. As a unique ‘white label’ offering with multi-tenant capabilities, Select Mobile Money enables Rapid to quickly and easily deploy a variety of branded cards and matching companion mobile apps all managed by a singular backend platform.
“We have partnered with Cachet because they are proven innovators who will be able to support us as our platform develops and evolves,” said Daren Jackson, CEO of Rapid. “Select Mobile Money offers tremendous flexibility, customization and ease of integration, along with a full set of and features and functionality—all essential to our broad line of prepaid card programs.”
Jeff Mack, president and CEO of Cachet Financial Solutions: “In today’s mobile world, we believe consumers expect mobile access to the various financial services they use every day. For leading prepaid card program providers like Rapid, the convenience and advanced functionality of our Select Mobile Money app helps extend the life of a prepaid card, creating stickier, more profitable customer relationships.”
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 largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
Cachet believes that its industry-leading solutions can help the company’s clients increase customer retention and revenue opportunities. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market for Cachet’s clients. Enabled by Cachet's 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 Select Mobile™ Money
Cachet’s award-winning Select Mobile Money is a cloud-based SaaS platform that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile app. Available on iOS and Android systems, the platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with a feature-rich mobile app and branded general purpose reloadable prepaid card. Powerful back-end analytics enable financial institutions to segment customers based on behavior and send relevant marketing notifications that keep customers engaged. Apple Pay™ and Apple Watch™ integration is also available.
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. Words such as "may," "likely," "anticipate," "expect" and "believes" indicate forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that 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 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission on April 14, 2016, under the heading "Risk Factors" and in the other reports we file with the Commission. You are cautioned not to place undue reliance on 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.
Trademarks
All trademarks, service marks, and registered marks are the properties of their respective owners. Apple Pay and Apple Watch are registered trademarks of Apple Inc. Select Mobile Money is a registered trademark of Cachet Financial Solutions.