MINNEAPOLIS, Sept. 4, 2014 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of cloud-based SaaS and mobile banking technology to banks and credit unions, will deploy its newly enhanced Select Business™ remote deposit capture (RDC) merchant solution for a leading regional bank with more than $2 billion dollars in assets and 35 branch locations across the Southwest U.S. Total migration of the bank's merchant customers to the Select Business platform is expected during fourth quarter.
Select Business, a cloud-based software solution, will enable the regional bank to offer its business customers, regardless of platform—PC, Mac or mobile—the ability to electronically deposit checks using their smart phone, tablet or an office desktop scanner. The bank's business customers will 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. Remote users will be able to access the same functionality of an advanced merchant RDC system, via their tablet or smartphone.
Following a competitive process, the bank selected Cachet because its offerings best fit the mobile banking needs and diverse technical requirements of its banking customers. Cachet's enhanced Select Business technology works seamlessly across multiple desktop and mobile operating platforms, and can be deployed quickly and cost-effectively. In addition to mobile integration, other key enhancements include improved speed, enhanced graphical user interface, and more comprehensive and detailed audit reporting capabilities that enable financial institutions to more easily meet new compliance requirements. The bank expects that the Select Business merchant solution will improve customer satisfaction and loyalty, and ultimately expand its customer base.
Cachet's new customer joins the ranks of more than 2,000 banks that offer mobile check deposit, which has increased 100% over the last year. Among these banks, about 13% rely on Cachet for these services. Total volume of mobile check deposits rose 250% in the last year, bringing the total amount of mobile checks deposited to more than $150 billion nationwide.
Jeffrey Mack, president and CEO of Cachet Financial Solutions, commented: "For customer-focused, forward-thinking financial institutions like this regional bank, we can provide turn-key mobile solutions that are reliable, secure and highly-scalable. Further, the depth and mature functionality of our offerings allows us to grow along with the customer, as they look to expand their offerings to include prepaid debit cards, remittance processing, and other financial products and services that we offer. Altogether, our solutions help increase banking customer engagement, grow recurring revenues and gain competitive advantages."
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money management and remote deposit capture solutions for PC, Mac and mobile. The company's industry-leading solutions help clients to increase customer/member 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 or members. For more information, visit www.cachetfinancial.com.
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 8K filed with the Securities and Exchange Commission on February 12, 2014 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.
CONTACT: Judy German Vice President, Chief Marketing Officer Cachet Financial Solutions 952.698.6991 firstname.lastname@example.org Investor Relations: Matt Glover or Michael Koehler Liolios Group, Inc. 949.574.3860 CAFN@liolios.com
Source:Cachet Financial Solutions