MINNEAPOLIS, Oct. 7, 2014 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of cloud-based SaaS mobile money management technology to banks, credit unions and financial service organizations, announced today that its Select Mobile™ Money platform has been chosen by League Service Corporation (LSC®), a national credit union service organization, to power LSC's CU Money prepaid mobile application. More than 900 credit unions currently offer LSC's CU Money product to their members.
Select Mobile Money is a cloud-based platform that gives mobile device users access to a mobile prepaid charge card account with mobile management features such as check-to-card fund loading and card-to-card transfer. Users also have the ability to access their deposits within minutes with an "instant good funds" feature, instead of the industry standard of three to five business days. The Select Mobile Money platform will support both LSC's General Purpose Reload (GPR) and Travel card programs. By linking prepaid card programs to the mobile environment, Select Mobile Money is transforming the prepaid experience, creating stickier customer relationships and extending the life of the prepaid card.
"Partnering with a well-respected credit union service organization like LSC and its CU Money platform present a tremendous opportunity for Cachet and is a strong validation of our mobile money management platform," commented Jeffrey Mack, president and CEO of Cachet Financial Solutions. "Our high-value, low-cost solutions allow credit unions to build relationships and drive sales by providing compelling solutions for existing prepaid card platforms, which can typically be the underserviced and 'under-banked' prepaid market."
"We are delighted to enhance CU Money and CU Travelmoney by adding Cachet's proven mobile capabilities on our prepaid products. This will allow credit unions to offer an even more attractive product to their members and help them compete for their members' business. Helping credit unions compete is our mission," said George Fiegle, COO of LSC.
Cachet's Select Mobile Money platform also provides its clients with analytics and the ability to communicate with end users via push messaging to ensure the user enjoys a comprehensive, secure and efficient mobile experience. Cachet was the first to offer such mobile management to banks, credit unions and other financial institutions that issue prepaid cards. Available on both iOS and Android mobile devices, the Select Mobile Money platform provides a highly cost-effective prepaid solution. Its advanced, turn-key functionality facilitates accelerated speed-to-market and rapid ROI. Click here to learn more about Cachet's Select Mobile Money solution.
About CU Money
The CU Money Prepaid Debit Card is a reloadable, general purpose card that offers credit unions a great opportunity to serve members with a payment tool that is secure, convenient and affordable. A safe alternative to cash, the CU Money card gives users a way to control spending while still enjoying the convenience of a debit card. Perfect for college students, travelers and the budget-conscious spender, the CU Money card can be used worldwide wherever Visa® cards are accepted. Click here to learn more about CU Money prepaid debit cards.
About LSC
LSC offers prepaid debit card products to over 2000 credit unions and is the largest provider of prepaid debit products in the U.S. It also provides customizable credit card, debit card, ATM network solutions in addition to customizable and remote deposit capture solutions. Its prepaid debit card products are supported by 36 State Leagues and Cuna Strategic Services (CSSI). To learn more, go to www.lsc.net.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money management and remote deposit capture solutions for PC, Mac and mobile. The company's industry-leading solutions help clients to increase customer/member engagement, grow revenues and gain competitive advantage. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. Enabled by Cachet's complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers or members. For more information, visit www.cachetfinancial.com.
Forward-Looking Statements
This press release contains certain statements that would be deemed "forward-looking statements" under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1933 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as "may," "likely," "anticipate," "expect" and "believes" indicate forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements include statements about the anticipated closing of our initial public offering and the number of shares to be sold in the offering.
Forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. We discuss many of these risks in greater detail in our Current Report on Form 8K filed with the Securities and Exchange Commission on February 12, 2014 under the heading "Risk Factors" and in the other reports we file with the Commission. Given these uncertainties, you should not attribute undue certainty to these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
LSC is a trademark of ICUL Service Corporation
Select Mobile Money is a trademark of Cachet Financial Solutions, Inc.