MINNEAPOLIS, Nov. 10, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading fintech provider of mobile money solutions to banks, credit unions and alternative financial services (AFS) providers, announced today that it has entered into a Prepaid Card Marketing and Servicing Agreement with Central Bank of Kansas City (CBKC) to issue the prepaid cards for Cachet’s Select Mobile™ Money prepaid card program. The card program will be administered by CBKC’s Central Payments Division, based in Dell Rapids, South Dakota.
CBKC will issue the Select Mobile Money general purpose reloadable (GPR) prepaid debit cards that Cachet markets to its financial institution and corporate clients. In addition to the network branded prepaid card, Cachet’s Select Mobile Money prepaid card program includes convenient program management and a feature-rich mobile app that puts a suite of financial services at the cardholder’s fingertips.
“Our new card program with Cachet is a great example of our strategy to partner with technology-driven companies with proven distribution channels,” stated Trent Sorbe, president of Central Payments. “We seek out companies like Cachet who appreciate the importance of issuer stability to the long term success of the program.”
“Most of our clients are highly-regulated financial services companies. A direct relationship with CBKC’s Central Payments team reassures our clients and their regulators that the program is being administered by an experienced team committed to transparency in approach to compliance and value for the consumer,” added Jeffrey Mack, president and CEO of Cachet. “We sought out CBKC and Central Payments to avoid the risks and disruptions too-often associated with the mass-issuer model and to obtain the responsiveness necessary for our clients’ new prepaid card programs with Cachet to be handled as expeditiously as possible.”
About Select Mobile Money
Cachet’s Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions and corporations to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile application. Available for iOS and Android systems, the Select Mobile Money platform can be integrated with existing card programs or used to develop a new turnkey prepaid card program, complete with feature-rich mobile app, branded GPR prepaid card and convenient program management. Powerful back-end analytics enable prepaid providers to segment their cardholders based on behavior and send relevant marketing notifications that keep them engaged in using the app. To learn more about Select Mobile Money, contact Cachet at info@cachetfinancial.com.
About Central Payments and Central Bank of Kansas City
Central Payments operates as the payments division of Central Bank of Kansas City (CBKC) and administers prepaid card programs on behalf of CBKC via retail, employer/payroll, and online outlets nationwide. CBKC is a sixty-four year-old family-owned Bank located in the heart of Kansas City, Missouri and one of 106 financial institutions in the country certified by the U.S. Treasury as a Community Development Financial Institution (“CDFI”). CBKC and Central Payments share the mission to provide high quality financial products to consumers of modest means, who historically have not enjoyed the benefits of affordable and accessible financial services. “Treat Each Customer’s Balance as Though Its All They Have” guides our approach to product design, customer service, and affordability. Visit www.central-payments.com or www.centralbankkc.com for more information.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading fintech provider of mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into an industry leader and trusted partner of some of the world’s largest and most respected financial organizations. With remarkable growth, a blue chip client base and award-winning technologies, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
The company's industry-leading solutions help clients to increase customer 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. 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 April 14, 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.