Cachet Widens Market for Mobile Money Program (Jan. 12, 2015)
Community banks, which continue to show interest in prepaid but may not have the resources to build their own programs, have a new quick way to enter the market, according to Cachet Financial Solutions. The Minneapolis-based remote deposit capture specialist has launched a co-branded express option for deploying its Select Mobile Money solution.
The express option means the prepaid card program, mobile app and cloud services come pre-configured, and Cachet handles all card issuance, processing and program management, making the process easier, faster and more affordable to implement, Cachet said. Cachet’s customizable mobile money solution features a reloadable GPR card that’s supported by a suite of mobile banking services, including an app that enables card-to-card transfers, remittances and check-to-card loading with an option for “instant good funds.”
Cachet’s GPR card uses MasterCard’s payment processing network and is accepted at more than 35 million locations globally.
Frederick County Bank in Maryland will be Cachet’s first client to implement the express program. More than 300 financial institutions use Cachet’s remote deposit capture technology and Cachet CEO Jeffrey Mack believes these institutions present significant opportunity for Select Mobile Money.
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