MINNEAPOLIS, Oct. 27, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile Fintech provider, has launched for Frederick County Bank (FCB) the co-branded express option for deploying Cachet’s award-winning Select Mobile™ Money prepaid mobile platform. The deployment features a payroll prepaid card program FCB will offer business customers through its five local banking centers in the Frederick, Maryland metropolitan area.
The express version of Select Mobile Money provides FCB all the key features of Cachet’s highly-customizable mobile money solution, and includes a payroll prepaid debit card powered by a suite of cloud-based mobile banking services.
Easily accessible via a newly designed companion mobile app, the cloud-based services include account management, check-to-card fund loading with an option for “instant good funds,” card-to-card transfer and remittance. The app also features location-based technology that can pinpoint nearby reload locations and ATMs, and which supports a national mobile coupon network of 150,000 merchants offering local deals.
Because the payroll card is linked to a routing number, employers can pay workers with the card using the regular direct deposit system. Cardholders will be able to send money internationally to family and friends with fully-integrated, seamless and secure international money transfer. Available for iOS and Android systems, the mobile features address the needs of an unbanked market while encouraging greater engagement and loyalty by the bank’s business customers.
“The deployment of this new payroll prepaid card program furthers our mission to provide our business customers the best in mobile banking technology, services and convenience,” said Jay House, senior vice president and CTO of FCB. “Their employees that may not use regular banking services can now enjoy a more complete banking experience that is more economical, accessible and secure compared to traditional paper payroll checks. Our business customers also benefit from lower administration costs and greater convenience.”
The express prepaid card program, mobile app and cloud services come pre-configured, with Cachet handling all card issuance, processing and program management. This makes deploying the prepaid card easier, faster and more affordable to implement, and thereby more accessible to a broader range of financial institutions.
According to Jeffrey Mack, president and CEO of Cachet, “This deployment for a financial services leader like FCB reflects the untapped market potential for a turn-key prepaid card program that includes a payroll card. In fact, 500 financial institutions already use our remote deposit capture technology, which presents a significant opportunity for further adoption of Select Mobile Money.”
While prepaid cards have traditionally been used by consumers with no credit or poor credit, or immigrant workers without an existing domestic banking relationship, increasingly young adults or “millennials” are turning to prepaid cards as a means to avoid the cost and fees associated with the traditional bank account. Connected to the world primarily through their mobile device, they are discovering prepaid cards can provide a higher level of convenience and control over their finances. When traveling internationally, prepaid cards are also a more secure alternative to traveler’s checks.
Cachet’s prepaid card program leverages the MasterCard® payment processing network, allowing the cards to be used at more than 35 million locations worldwide where MasterCard is accepted. 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.
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. To learn more about Select Mobile Money, email firstname.lastname@example.org or visit www.cachetfinancial.com/solutions/mobile-money-management.
About Frederick County Bank
Frederick County Bank (FCB), is a wholly-owned subsidiary of Frederick County Bancorp (OTC PINK:FCBI), manages more than $370 million in assets and conducts full service commercial banking services through five local banking centers in the Frederick, Maryland metropolitan area. Frederick County Bank is headquartered in Frederick, Maryland.
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’s industry-leading solutions can help 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.
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Media Contact: Judy German, VP & CMO Cachet Financial Solutions, Inc. 952.698.6991 email@example.com Investor Relations for Cachet: Matt Glover or Najim Mostamand Liolios Group, Inc. 949-574-3860 CAFN@liolios.com
Source:Cachet Financial Solutions