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Cachet Financial Solutions and Volunteer Corporate Credit Union Partner to Provide Mobile Remote Deposit Capture to Credit Unions Nationwide

MINNEAPOLIS, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, a leading provider of remote deposit capture solutions, has announced a new partnership with Volunteer Corporate Credit Union (VolCorp), a Corporate Credit Union based in Nashville, TN, to provide mobile remote deposit capture services to their 325 member credit unions.

"The demand for mobile banking solutions, in particular mobile deposit, is predicted to grow exponentially over the next few years," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "We know that credit unions are uniquely positioned to focus on the needs of their members, and through this partnership with VolCorp more credit unions will be able to capitalize on this major trend and deliver more service and convenience to their members."

Mobile services are likely to have the highest adoption among consumers between 18 and 25, according to AlixPartners, providing credit unions with another opportunity to expand their reach into this highly sought after market. Credit unions implementing mobile deposit now will gain a significant advantage as all consumers begin to adopt these services.

Sandy Swofford, Senior Vice President of Marketing & Business Development, at VolCorp agrees saying: "Offering our credit union members remote deposit capture (RDC) technology gives them the ability to capitalize on consumer demand for RDC. As consumers in general demand more convenience, VolCorp continually searches for solutions which will provide members with the latest technology to compete in the mobile world. Cachet not only offers a high quality RDC solution, but one that is affordable for credit unions of all sizes."

The foundation of Cachet's mobile deposit application is convenience and simplicity for the consumer. Cachet's Select Mobile application allows account holders to initiate mobile-deposit sessions on their smartphone or tablet. The deposit technology can be run as a standalone application or integrated into an existing mobile offering. Making a deposit through the application is fast and easy. Members 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.

"The mobile revolution is here, and we are excited to partner with VolCorp to make mobile deposit a reality for their credit union members," said Kevin Harrigan, Vice President of Sales and Strategic Alliances at Cachet. "We look forward to much success together."

About Volunteer Corporation CU

Volunteer Corporate Credit Union (VolCorp) is a not-for-profit financial cooperative that serves natural person credit unions nationally. We were organized for the express purpose of providing low-cost financial services and competitive investment and lending rates to our member/owners, and are guided by a volunteer board of directors. VolCorp is totally owned and directed by our member credit unions. With a national field of membership, we currently serve 325 credit unions. VolCorp has over $1 billion in total assets.

About Cachet Financial Solutions

Cachet Financial Solutions is a leading financial services technology company, specializing in 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 (for both PC and Mac) and mobile deposit technology provide greater freedom and flexibility for financial institutions and their customers. Cachet's sophisticated marketing strategy and professional sales training program ensures our customers success 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

CONTACT: MANON IBES, Cachet Financial Solutions (952) 698-6952

Source: Cachet Financial Solutions