MINNEAPOLIS, Dec. 4, 2012 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, a leading provider of remote deposit capture (RDC) solutions, announced today that it will provide Simple with the backend services needed to power Photo Check Deposit. Simple (https://www.simple.com), a worry-free alternative to traditional personal banking, has integrated Cachet's Select Mobile™ functionality into the Simple mobile application. With Select Mobile integration, Simple's customers can now deposit checks using their smartphone, anywhere, anytime.
"We designed Simple to make the financial system work for consumers," said Simple CEO Josh Reich. "We've taken ideals from straightforward, old-fashioned banking and built Simple on modern, flexible technology, like Cachet's API's. Last week's addition of Photo Check Deposit to our mobile application is an extension of our goal to help our customers understand and engage with their finances so they can become smarter spenders and better savers."
Simple offers its customers a smarter way to save and spend with an FDIC-insured account from its bank partner, top-notch customer service and an attractive mobile application. Like Reich, Cachet President and CEO Jeffrey Mack believes the relationship is ideal for both companies.
"Cachet is one of the few RDC companies that embraces the changing dynamics of the banking industry and our new partnership with Simple illustrates that," Mack said. "We look for opportunities that are truly unique and complementary to our RDC platform. Simple's business model is a terrific fit."
Mobile deposit through Simple's application is fast and easy. Customers simply snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, Cachet formats the images, corrects any distortions or skewing, utilizing Mitek's patented technology, and confirms that the images meet industry Check 21 and mobile image-quality standards. All transactions are transmitted with multiple layers of security and, if necessary, marked with time and location, in order to combat fraud.
This collaboration between Cachet and Simple comes at a time when more and more consumers are moving away from traditional banking relationships in favor of alternative services.
"Our technology allows us to develop and execute a host of solutions for a variety of financial organizations," said Mack. "The banking industry has to develop new methods to retain and satisfy their customers and our Select Mobile will allow Simple to do just that."
About Cachet Financial Solutions
Cachet Financial Solutions is a leading provider of commercial and consumer remote deposit capture (RDC) solutions for financial institutions, credit unions, and financial service organizations. RDC Select™, our industry leading platform has been designed to simplify the process for delivering, implementing, and servicing RDC. We've eliminated the need for our clients to build and manage their own RDC business. Cachet's merchant capture solution (for both PC and Mac) and mobile application provide greater freedom and flexibility for financial institutions and their customers. Cachet's sophisticated marketing strategy and professional sales training program ensures our customers are successful with their RDC initiatives. Let us help you Unleash the power of RDC!™ For more information call 877.318.4449 or visit www.cachetfinancial.com.
The Cachet Financial Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16013
Simple is reinventing personal banking. With a free app and an FDIC-insured account from our bank partner, Simple replaces your bank with a smarter way to save and spend. Simple is currently available by invitation only at http://www.simple.com
CONTACT: MANON IBES (952) 698-6952
Source: Cachet Financial Solutions