MINNEAPOLIS, Oct. 31, 2012 /PRNewswire/ — Cachet Financial Solutions, a leading provider of remote deposit capture solutions, today announced their participation in the development of PreCash’s FlipMoney, the first practical mobile wallet application for the underbanked market.
Utilizing Cachet’s Select Mobile Capture™ technology, FlipMoney offers instant remote check deposits to a companion prepaid card. Funds are available within minutes, rather than the standard three to six days it takes with traditional mobile check deposit solutions.
“There is a need for the convenience of mobile check deposit among prepaid card users, but PreCash knew these people would not fully embrace the technology until it could deliver their money faster,” said Steve Taylor PreCash CEO. “Many prepaid card users live paycheck-to-paycheck. They cannot wait several days for a check to clear. Cachet was instrumental in helping us develop a way to offer instant check deposit on our FlipMoney mobile wallet platform.”
Cachet’s Select Mobile Capture allows companies to build custom-branded applications on smartphones or tablets. Customers 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, can be traced back to registered smartphones, marked with time and location, in order to combat fraud.
“We are pleased that PreCash selected Cachet to collaborate on this innovative new product,” said Jeffrey Mack, President and CEO of Cachet Financial Solutions. “At Cachet, we’ve seen how the underbanked consumer is rapidly changing the financial services landscape. Partnering with PreCash is another way Cachet is able to participate in that evolution.”
The FlipMoney mobile wallet, including the instant check deposit feature, was recently introduced at FinovateFall 2012. Flip is currently being field tested with large-scale deployment planned later this year.
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 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 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.
PreCash improves lives and business through payments and is a leader in payments services and transaction processing. We help cash-paying and underserved people access mainstream financial services, help financial institutions deliver their customers faster transactions, and help our partners generate revenue and build stronger bonds with consumers. We offer bill payment processing solutions, walk-in payments services, Visa®, MasterCard ® and Discover® prepaid solutions, mobile apps and online payment solutions to retailers, financial institutions, consumers, the mobile industry, and more. PreCash serves more than 3 million consumers and touches nearly $3 billion in payments annually. Our products are serviced in more than 100,000 retail locations nationwide. Founded in 1998, PreCash is headquartered in Houston, Texas, with an additional office in Portland, Oregon. For more information visit www.precash.com and www.MyFlipMoney.com