MINNEAPOLIS, May 27, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions (OTCQB:CAFN), a leading provider of cloud-based SaaS (Software as a Service) mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, will deploy its award-winning Select Mobile™ Money platform for CashPass Visa® Prepaid Debit Card program. CashPass is a leading prepaid debit card provider and program manager to businesses distributing prepaid cards. The growing CashPass Network provides prepaid card distributorships for businesses as well as an online enrollment for new cardholders at www.cashpass.com.
Cachet's SaaS-based Select Mobile Money app will enable CashPass Visa cardholders to choose from a variety of services to help them better manage their prepaid cards and money, including account management, transaction history, card-to-card transfer, and other valuable services. The app will also feature location-based technology that can pinpoint nearby reload locations and ATMs. Powerful back-end analytics will enable CashPass Visa card distributors to segment customers based on behavior and send relevant marketing notifications to keep their customers engaged. The CashPass Visa Prepaid Debit Card is issued by Metropolitan Commercial Bank of New York (member FDIC) and is accepted wherever Visa is accepted.
"Powered by Cachet's Select Mobile Money platform, the CashPass Network will deliver a full suite of mobile financial services to their customers, building customer loyalty and attracting new customers quickly and affordably," said Michael Rabon, CashPass Director of Operations. "We expect a mobile app to significantly enhance the overall value of a CashPass prepaid card distributorship and bring more businesses to choose the CashPass Network."
"More and more financial institutions are recognizing the value in tying prepaid to the mobile environment to win over today's mobile-centric consumers and new Millennials," stated Jeffrey Mack, president and CEO of Cachet Financial Solutions. "We are very pleased to help CashPass enhance their prepaid offering and attract new business with our award-winning Select Mobile Money prepaid platform."
About Select Mobile Money
Cachet's award-winning Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions 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 prepaid card program, complete with feature-rich mobile app and branded general purpose reloadable prepaid card. The platform's powerful back-end analytics enable financial institutions to segment customers based on behavior and send relevant marketing notifications that keep customers engaged. The Platform is also now offered with the option for Apple Pay™ integration and Apple Watch™ functionality.
To learn more about Select Mobile Money, contact Cachet at info@cachetfinancial.com.
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 world's largest and most respected financial organizations. With remarkable growth, an impressive 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.
All trademarks, service marks, and registered marks are the properties of their respective owners. Visa, is a registered trademark of Visa International Service Association. Apple Pay and Apple Watch are registered trademarks of Apple Inc. Select Mobile Money is a registered trademark of Cachet Financial Solutions.
The CashPass card is issued by Metropolitan Commercial Bank, New York, Member FDIC. Pursuant to a license from VISA, USA, Inc. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank, New York. ©2014 Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule, if any.
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 10K filed with the Securities and Exchange Commission on April 14, 2015 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.