MINNEAPOLIS, Aug. 09, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFND) and the Central Bank of Kansas City (CBKC) have rolled out an end-to-end reloadable prepaid card program for banks, credit unions and alternative financial services (AFS) providers. CBKC and Cachet expect that clients will begin to deploy or implement this program in 2016.
Powered by Central Bank of Kansas City’s program management experience and Cachet’s award-winning Select Mobile™ Money technology, the new card program has been designed to provide an easier and more convenient way for financial institutions and marketing organizations to offer general purpose reloadable (GPR) prepaid cards, as well as make card usage more engaging and convenient for their customers.
The companion mobile app can be customized with corporate branding, a range of optional features, and a suite of tools that can help card distributors more easily manage their card programs and engage card users.
Available for both iOS and Android mobile devices, the mobile app offers a variety of services that can help users better manage their prepaid cards and personal funds, including account management, transaction history, card-to-card transfer, check-to-card loading with immediate “good funds” option, and other convenient services.
The app also supports location-based technology that can pinpoint nearby reload locations and ATMs, as well as a location-based retail discount network. Other advanced features currently under development include fingerprint authentication and international money transfers.
Powerful back-end tools and analytics enable card distributors to segment their end users based on behavior, and then send relevant push notifications and in-app messages to keep them engaged.
CBKC will issue the general-purpose Select Mobile Money cards and manage the program through its Central Payments division, formed in 2014 as the alternative for payments companies seeking a more focused and flexible bank partner. As one of only 123 banks designated as a Community Development Financial Institution by the U.S. Treasury, CBKC brings nationally-recognized experience in serving consumers of modest means in search of affordable and reliable financial services.
According to Trent Sorbe, president of Central Payments: "The Select Mobile Money program is a great example of the value-add created by combining CBKC's issuing and program management capabilities. Cachet's proven mobile technology and deep relationships among financial institutions and alternative providers makes the program both unique and responsive to a marketplace that requires flexibility and ease-of-deployment."
Jeffrey Mack, president and CEO of Cachet, commented: “Our new marketing and technology development partnership with CBKC leverages the power of Cachet’s unique prepaid mobile money technology by combining it with the capabilities of an experienced prepaid card program administrator. Financial institutions and marketing organizations across the country now have an easier and more convenient way to implement, maintain and achieve greater benefit from their prepaid card programs.”
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 issued by 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 123 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 and who historically have not enjoyed the benefits of affordable and accessible financial services. “Treat Each Customer’s Balance as Though It’s All They Have” guides our approach to product design, customer service, and affordability. Member FDIC. Visit www.central-payments.com or www.centralbankkc.com for more information.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into a technology leader and trusted partner of some of the largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technology, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
Cachet believes that its industry-leading solutions can help the company’s clients increase customer retention and revenue opportunities. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market for Cachet’s clients. Enabled by Cachet's suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com.
About Select Mobile™ Money
Cachet’s award-winning Select Mobile Money is a cloud-based SaaS platform that enables financial institutions to offer their prepaid cardholders a full suite of mobile banking services in one easy-to-use mobile app that helps prepaid card holders to better manage their prepaid card and their money. Available on iOS and Android systems, the platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with a feature-rich mobile app and a branded general purpose reloadable prepaid card. Powerful back-end analytics enable financial institutions to segment customers based on behavior and send relevant marketing notifications that keep customers engaged. Apple Pay™ and Apple Watch™ integration is also available.
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. Words such as "may," "likely," "anticipate," "expect" and "believes" indicate forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that 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 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission on April 14, 2016, under the heading "Risk Factors" and in the other reports we file with the Commission. You are cautioned not to place undue reliance on 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.
Trademarks
All trademarks, service marks, and registered marks are the properties of their respective owners. The Select Mobile Money Prepaid MasterCard® is issued pursuant to license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated. Apple Pay and Apple Watch are registered trademarks of Apple, Inc. Select Mobile Money is a registered trademark of Cachet Financial Solutions.