MINNEAPOLIS, Aug. 30, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile FinTech provider, has been selected by ArbiterSports to deliver an integrated mobile game management and payment solution for sports game officials.
More than 6,800 college conferences, school systems and recreation departments use ArbiterSports technology to manage sporting events. Every year, the ArbiterOne™ online platform and the ArbiterMobile™ mobile app handle nearly 10 million assignments for more than 700,000 officials. ArbiterPay™, the largest sport officiating payment system in the country, is used by these organizations to make more than $50 million in officiator payments every month, eliminating the cost of processing and mailing paper checks.
The new solution from Cachet will connect ArbiterPay to ArbiterMobile and add new mobile capabilities that make it easier and more convenient for sports organizations and officials across the country to manage schedules, game information and officiator payments. The app’s mobile money features and services will be powered by Cachet’s award-winning Select Mobile™ Money SaaS solution and Rapid Financial Solutions’ payment processing platform.
In addition to providing game information and scheduling, the iOS and Android mobile app will offer game officials a variety of convenient mobile money services that can help them manage their personal funds and prepaid cards, including account management, transaction history, card-to-card transfers, check-to-card loading with immediate good funds option, and international money transfers. The app will also pinpoint nearby card reload locations and ATMs, and support fingerprint authentication and multiple languages.
“Both the sports organizations and officials in our network were demanding an integrated mobile solution, and we turned to Cachet, a leading innovator in the mobile money space, to deliver it,” said Jeff Triplette, CEO of ArbiterSports. “Their Select Mobile Money is amazingly flexible and customizable, providing seamless integration with our existing platform, plus a full set of mobile money features that will make officials’ jobs easier and more rewarding.”
Jeff Mack, President and CEO of Cachet Financial Solutions added, “Our Select Mobile Money platform was designed from the ground up to deliver the power of advanced mobile money technology for all kinds of organizations and applications, from traditional banks and credit unions to innovative service providers like ArbiterSports looking to enhance their general offerings with mobile money capabilities. This deployment demonstrates how truly expansive and untapped the addressable market for our Select Mobile Money platform has become given the proliferation of mobile devices and the growing demand by users to access and manage their personal funds anywhere and anytime.”
About ArbiterSports
As the leader in sports event management, ArbiterSports helps athletic departments and sports leagues dramatically simplify the process of managing athletic events, assigning officials, paying event workers, and informing athletes, families and fans. The product suite, including ArbiterGame, ArbiterOne, ArbiterPay, ArbiterLive, Arbiter360, ArbiterWorks, and ArbiterMobile, delivers unprecedented control and visibility over the entire athletic event process. ArbiterSports products are built on a powerful web-based platform that allows secure access from anywhere and provides seamless integration with the ability to add features. Sports leagues, commissioners, athletic directors, assigners, officials and event workers rely on ArbiterSports to do their jobs effectively. For more information, go to www.arbitersports.com.
About Rapid Financial Solutions
Rapid Financial Solutions (RFS) uses its expertise in banking, software development and operations to provide businesses complete end-to-end payment solutions. Used by millions of consumers and hundreds of businesses every day, the RFS processing engine handles a variety of digital transactions, including direct deposit, payroll cards, prepaid debit cards, wire transfers, mobile payments, structured payments and e-checks. For more information, go to: www.rpdfin.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 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 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. 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. Apple Pay and Apple Watch are registered trademarks of Apple Inc. Select Mobile Money is a registered trademark of Cachet Financial Solutions.