MINNEAPOLIS, March 15, 2017 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (NASDAQ:CAFN), a leading mobile financial technology provider of cloud-based remote deposit capture (RDC), and Central Bank of Kansas City (CBKC) were selected as the prepaid mobile banking provider of choice by ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), the nation’s largest association of community banks.
In partnership with ICBA, CBKC and MasterCard®, Cachet will offer ICBA’s community bank members a prepaid card program that is supported by Cachet’s Select Mobile Money-Express (SMM-X) platform. The platform includes a reloadable prepaid MasterCard issued by CBKC, along with a bilingual mobile companion app that provides convenient cloud-based services, like mobile account management, check-to-card fund loading with an option for “instant good funds,” and card-to-card transfer and remittance.
The app also features fingerprint authentication and location-based technology that can pinpoint nearby reload locations and ATMs. Cardholders may also send money internationally to family and friends with fully-integrated, seamless and secure money transfer, as well as gain access to a national mobile coupon network of 150,000 merchants offering local deals.
“We’re offering this prepaid card program, in partnership with Central Bank of Kansas City and Cachet, to help community banks increase customer engagement, grow revenues and gain competitive advantages,” said ICBA Bancard president and CEO, Tina Giorgio. “Typically these solutions have only been available to large national banks due to the high costs of platform development and deployment. This cost-effective, highly-scalable program offers a state-of-the-art mobile prepaid program that community banks can offer their customers.”
The mobile technology provided by Cachet is complemented by the prepaid card program managed by a team of payments experts in CBKC’s Central Payments Division. “We have joined with Cachet, ICBA Bancard and MasterCard to deliver a full-service payments solution that will enable community banks to offer the latest in mobile money technology,” said Trent Sorbe, president of Central Payments. “This prepaid card program will allow other banks to meet the needs of their mobile-savvy customers as well as extend their product reach to the more than 40 million underserved consumers using alternative financial products provided by non-banks.”
The prepaid card will be accepted at more than 35 million locations worldwide as part of the MasterCard payment network. MasterCard has committed to provide special deployment support for this new program, making it even easier and more affordable for community banks to adopt.
MasterCard’s Executive Vice President John Ainsworth commented: “We recognized that community banks have a special role in supporting the neighborhoods where their depositors live and work, as well as in helping local businesses and communities thrive. Our participation in the rollout of this prepaid card program for ICBA members demonstrates our commitment to the thousands of community banks across the country who are continually looking for new and better ways to service their customers.”
According to ICBA, community banks comprise more than 52,000 locations nationwide, community banks employ 760,000 Americans, hold $4.7 trillion in assets, $3.7 trillion in deposits, and $3.2 trillion in loans to consumers, small businesses and the agricultural community.
Jeffrey Mack, president and CEO of Cachet, commented: “Our new partnership with ICBA addresses the growing demand from community banks for a prepaid card program that can be delivered expeditiously and cost-effectively, but without compromising features or functionality.”
Walt Granville, senior vice president of mobile innovations at Cachet, added: “We look forward to working with community banks and assisting them with this program as they leverage our state-of-the-art technology to create stickier customer relationships and extend the life of the prepaid card. By linking the prepaid card to a robust mobile environment that is simple and cost-effective to deploy, community banks can be put on a more level playing field with their larger competitors.”
ICBA Community Banking LIVE
During ICBA Community Banking LIVE in San Antonio on March 15 and 16, Cachet will exhibit its prepaid mobile banking technology.
Attendees may visit Cachet’s booth, #508, in the Henry B. Gonzalez Convention Center to learn about how community banks are leveraging Select Mobile Money to gain a competitive advantage and grow their customer base.
About ICBA Bancard
ICBA Bancard® is the wholly owned payment services subsidiary of the Independent Community Bankers of America. ICBA Bancard’s community bank issuers generated $23 billion in sales volume in 2016 and are ranked collectively as the 25th largest credit card portfolio in the United States. Through ICBA Bancard, banks provide competitive payments solutions and ICBA Bancard provides exclusive services to issuers including its Fraud Loss Protection Plan, marketing support and product education. For more information, visit www.icbabancard.org.
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 64- year-old family-owned Bank located in the heart of Kansas City, Missouri and one of 136 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 MasterCard
MasterCard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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 convenient financial services in one easy-to-use mobile app. 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 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. To learn more about Select Mobile Money, email info@cachetfinancial.com or visit www.cachetfinancial.com/solutions/mobile-money-management.
About Cachet Financial Solutions
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.
Important Cautions Regarding Forward-Looking Statements and other Notices
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 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 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, 2016, filed with the Securities and Exchange Commission on February 24, 2017, 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.
The Select Mobile Money Prepaid MasterCard is issued by Central Bank of Kansas City (CBKC), Member FDIC, under license from MasterCard International Incorporated. Please note that the deals, mobile coupons, remittance transfers and Ingo Money are third party services and are not services of CBKC. CBKC is not affiliated with Access Development (Deals/Mobile Coupons), Viamericas (remittance transfers), First Century Bank or Ingo Money, and does not sponsor these offers.
MasterCard is a registered trademark of MasterCard International Incorporated, and other trademarks are the property of their respective owners.