Cachet deploys new prepaid card mobile banking platform for global telecom leader, CereTel
New prepaid card powered by Cachet now available to 6 million CereTel customers and through CereTel’s nationwide network of 40,000 U.S. retail locations
MINNEAPOLIS, MN (December 1, 2016) — Cachet Financial Solutions, Inc. (OTCQB: CAFN), a leading mobile Fintech provider, has developed and deployed a new prepaid mobile banking platform for CereTel, the international telecom leader with a presence in 46 states, distribution through more than 40,000 immigrant-focused stores, and a customer base of more than 6 million nationwide.
Powered by Cachet’s award-wining Select Mobile™ Money platform, the new CereTel prepaid card program includes a reloadable general purpose prepaid debit card that is paired with a robust, multilingual mobile app. It also includes easy online account management and a convenient web portal for ordering cards.
Cachet is also providing ongoing management of the new prepaid mobile banking program, including card production, order fulfilment, processing and program management, all of which has accelerated CereTel’s speed-to-market and ROI. The prepaid card is supported by a major payment processing network, allowing the card to be used at more than 35 million locations worldwide.
“Our new mobile money platform grants our customers immediate access to a range of mobile capabilities and conveniences that are already enjoyed by millions of consumers in the U.S.,” said CereTel CEO, Thomas Lynch. “This means we are finally able to bring a widely underserved population into the mainstream.”
In 2015, there were 25 million new mobile banking customers in the U.S., with this leading to nationwide mobile banking activity exceeding branch banking activity for the very first time.
“Cachet has demonstrated that we chose the right partner for this endeavor,” added Lynch. “That is, one with a comprehensive, market-ready platform that has enabled us to rapidly deliver this solution to our customers and nationwide retail network, and then have the capabilities and experience to manage it effectively and efficiently.”
CereTel’s prepaid debit cardholders will be able to use Cachet’s Select Mobile Money app to check card balance and transaction history, make card-to-card transfers or check-to-card loading with immediate good funds option, and send money internationally to family and friends with fully-integrated, seamless and secure international money transfer.
The international money transfer provides cash payout or same-day direct deposits from the U.S. to accounts in 38 countries across the Americas, Western Europe, Asia and Oceania. The global transfer network includes more than 60,000 banks and nonbank payout locations in both urban centers and remote rural communities.
The app also features location-based technology that can pinpoint nearby reload locations and ATMs, as well as a national mobile coupon network featuring 150,000 merchants with local deals.
Soon cardholders will also be able to “top up” or add minutes to their prepaid wireless plan using the app, including purchasing international long distance minutes for calling friends and family abroad. Every month, more than 500,000 U.S.-based customers from Latin America, the Caribbean, Africa and other overseas locations purchase CereTel’s products, including its STi, Wise and Kare branded international calling and top-up products.
“CereTel represents a new generation of alternative financial services providers looking to deepen their customer relationships and expand market reach by offering mobile prepaid financial services,” said Jeffrey Mack, president and CEO of Cachet. “In partnership with CereTel, we have now brought prepaid mobile financial services to the fast-growing telecom industry, while also addressing a vastly underserved market.”
Prepaid cards have traditionally been used by those with no credit or poor credit, or by teens, college students and young adults to better manage their spending. They can also be a more secure alternative to traveler’s checks when making purchases overseas. However, increasingly the ‘unbanked,’ those who choose not to or are unable to participate in the traditional banking system, are turning to alternative financial services that can save costs and fees while providing a higher level of convenience and control over their funds. Prepaid cards can also be linked to a routing number, allowing employers to pay workers with the card using direct deposit. According to MasterCard®, the prepaid market is expanding rapidly, growing 16% annually in the U.S. and on track to reach $421 billion by 2017.
About Digiliti Money, Inc.
Digiliti Money 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 as Cachet Financial Solutions, Digiliti Money 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, Digiliti Money 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. Digiliti Money’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 Digiliti Money’s complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.digilitimoney.com/.
About CereTel Inc.
CereTel is one of the leading prepaid long distance providers and mobile top-up providers in the United States, with a presence in 46 states, distribution in more than 40,000 immigrant-focused stores and a customer base of more than 6 million. CereTel’s brands include STi, STi Pinless, CVT, Wise Minutes, Kare and Phone Cards Direct. CereTel’s global team includes more than 100 professionals, reflecting the wonderfully varied markets it serves.
CereTel’s success is the result of meeting challenges head-on, innovation, a passion for helping our consumers advance, and strong values. CereTel’s team of professionals has a rich, long-term heritage of improving the world of communications with high-performing infrastructure, technological progress and innovative services. To learn more, visit www.ceretel.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. To learn more about Select Mobile Money, go to www.cachetfinancial.com/solutions/mobile-money-management or email firstname.lastname@example.org