MINNEAPOLIS, Jan. 05, 2017 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile FinTech provider of cloud-based remote deposit capture (RDC) and mobile prepaid card solutions, has introduced a valuable new feature to its Select Business™ Merchant Capture solution for banks and credit unions that eliminates a common issue with remote electronic check deposits.
Typically, when making check deposits via a desktop scanner or mobile device, if even only one check in a batch of scanned checks is flagged for further review, the whole batch is held back from settlement and access to the funds is delayed. Cachet’s Select Business Merchant Capture can now eliminate this roadblock by allowing financial institutions and their business customers to submit partial batches of checks for settlement.
This industry-unique “partial settlement” feature means good checks are not held back for settlement when doing electronic deposits. If one or more checks in a batch of deposits violates financial institution business rules, such as over an amount limit, and those checks are not approved by the end of the business day, only the flagged checks are held back and the good checks are sent on for settlement in a separate deposit.
“While RDC saves a trip to the bank or credit union to deposit checks, our new partial settlement feature now solves a major pain point for merchants using RDC, making it even more convenient to use,” said Jeffrey Mack, president and CEO of Cachet Financial Solutions. “It also allows financial institutions to better serve the needs of their business customers while mutually improving efficiency and profitability.”
According to a recent report from Celent, State of Remote Deposit Capture 2015, demand for remote check deposit capability is growing among small business and other commercial users. The number of financial institutions offering desktop and mobile RDC has increased from under 2,000 to more than 6,000 over the last few years, with small business RDC users skyrocketing from under 22 million to nearly 90 million. Cachet’s Select Business Merchant Capture solution helps banks and credit unions address this growing demand with unparalleled flexibility for their business customers.
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.
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 suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com.
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