MINNEAPOLIS, Sept. 10, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of mobile money technologies for banks, credit unions and other financial services organizations, announced today that it has received approval from its issuing bank and MasterCard® to offer its Select Mobile™ Money end-to-end turnkey payroll program for corporate clients.
Cachet's payroll card platform consists of a reloadable payroll prepaid MasterCard and a convenient mobile application. The payroll prepaid debit card is linked to a routing/account number, allowing employees to pay workers with the card using direct deposit. Since the card leverages MasterCard's payment processing network, it can be used at more than 35 million locations worldwide where MasterCard is accepted. The robust mobile application offers a suite of cloud-based mobile banking services such as account management, card to card transfer, mobile coupons, as well as easy check-to-card loading with an option for 'instant good funds,' via Cachet's check guarantee partner, Ingo™ Money.
Cachet also handles all card issuance, processing and program management, making it easy and affordable for companies of all sizes to provide their employees with a convenient payroll card solution.
"Select Mobile Money-Payroll is in sync with today's mobile-centric employees' lifestyles, increasing employee loyalty and reducing turnover for employers," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "With check processing costs at roughly $2 a check, companies can also significantly reduce check issuing and processing costs by switching to Cachet's more economical payroll card solution."
"According to MasterCard, the prepaid market is expanding rapidly, growing 16% annually in the U.S. and on track to reach $421 billion by 2017," added Cachet's EVP of Sales, Larry Blaney. "With Select Mobile Money, Cachet is well-positioned to help both financial institutions and corporations enter this fast-growing market by offering mobile-enabled prepaid card solutions."
About Select Mobile Money
Cachet's Select Mobile Money is transforming the prepaid experience by linking prepaid card programs to the mobile environment, creating stickier customer relationships and extending the life of the prepaid card. The cloud-based SaaS solution enables financial institutions and other companies to offer their customers a full suite of convenient financial services in one easy-to-use mobile application. Available for iOS and Android systems, the Select Mobile Money platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with feature-rich mobile app and branded general purpose reloadable prepaid card. The platform's powerful back-end analytics enable Cachet's client to segment their customers based on behavior and send relevant marketing notifications that keep customers engaged in using the app. To learn more about Select Mobile Money, contact Cachet at firstname.lastname@example.org.
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.
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 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.
CONTACT: Media Contact: Judy German VP & CMO Cachet Financial Solutions, Inc. 952.698.6991 email@example.com Investor Relations: Darin McAreavey EVO & CFO Cachet Financial Solutions, Inc. 952.698.5214 firstname.lastname@example.org
Source:Cachet Financial Solutions