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Cachet Financial Launches Mobile Solution for Prepaid and Check Cashing Industries

MINNEAPOLIS July 27, 2011

Previously, RDC technology was directed toward banks and credit unions.  Now thanks to Cachet’s proprietary technology, robust demand for mobile financial services, and changing customer preferences and demographics, the check cashing and prepaid card industries are poised to participate in remote checking technologies.

Cachet currently offers a full suite of RDC solutions, including a front-end, mobile check loading application for the Android, Blackberry, iPhone smartphones and tablets.  The application can be branded for check cashers, program managers and processors to allow their customers to be able to load checks on their prepaid debit cards.  Cachet also offers a back-end product (CheckReview) that allows check cashers and load solution providers to review high-resolution images of the check’s front and back with full image quality analysis, CAR/LAR and Virtual MICR detection.  Cachet has developed an API which allows the check cashers to import the information into their risk/fraud mitigation tools or central database for decision/guarantee purposes.

The foundation of Cachet’s mobile check capture application is convenience and simplicity for the consumer.  Mobile check capture allows consumers to load checks onto their prepaid card using their camera-equipped smartphone or tablet.  Users can load checks from anywhere at any time, allowing for quicker access to funds on their reloadable prepaid cards.  Cachet’s mobile check capture is easy to use.  Users simply click the branded application on their smartphone or tablet, endorse the check, agree to any applicable fees and snap photos of the front and back of each check that is being submitted.

Jeffrey Mack

$70.7 billion $28 billion

"Our technology allows us to develop and execute a host of solutions for a variety of financial organizations – from check cashing companies to reloadable prepaid card issuers and processors," said Mack.  "Financial service providers have to develop new methods to retain and satisfy their customers, and mobile check capture is just another example of that initiative.  We are proud of our work and will continue to innovate and develop new solutions on behalf of our customers."

About Cachet Financial Solutions

SOURCE Cachet Financial Solutions

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