Cachet enhances Select Mobile Deposit solution to help banks and credit unions fight fraud
Increased Fraud Protection Includes Geo-Fencing, Sophisticated Business Rules, and Date/Signature/Endorsement Detection
MINNEAPOLIS, MN (June 25, 2015) — 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, announced today the availability of its enhanced Select Mobile™ Deposit solution with advanced fraud protection. Significant enhancements made to Cachet’s Select Mobile Deposit solution, which are unique in the industry, include geo-fencing, unlimited user groups with defined business rules, and date, signature and endorsement detection.
Select Mobile’s geo-fencing controls fraud by limiting acceptance of checks to a specific geographic area as defined by latitude and longitude. Only check deposits within the defined geographic area would be accepted, minimizing the financial institution’s (FI’s) risk of receiving bad checks. Also unique to Select Mobile is the solution’s flexibility to allow unlimited business groups, with defined rules per group, regarding the acceptance of check deposits. As the relationship changes, the FI can move the client up to the next level of deposit acceptance, i.e, higher deposit limits, higher limit per day, etc. Detection for check date, signature and endorsement also provides enhanced fraud protection. Whereas other solutions only verify that there is something on the back of the check, Cachet’s Select Mobile solution verifies that an actual endorsement is present. Additionally, the solution verifies that a date and signature exists on the front of the check, further supporting the validity of the check.
A Select Mobile enhancement not specific to fraud protection, includes the addition of real-time posting to DCI and Jack Henry, which allows an FI running those core banking platforms to see deposits instantly. If the deposit passes the defined business rules, the funds will be deposited immediately into the customer’s account. Otherwise, the check is denied or flagged for further review. Unlike other solutions that only run deposits in batches at the end of the day, Cachet’s Select Mobile enables faster deposits for its clients and their customers, improving the overall client experience.
“Concerns about the security of mobile financial services have been heightened recently with several sizable cases of security breaches in the news,” said Jeffrey Mack, president and CEO of Cachet. “Cachet takes our client’s concerns about security and risk very seriously. The recent enhancements to our mobile deposit solution are part of our commitment to drive continuous innovation in risk mitigation technologies to give financial institutions the most advanced fraud-fighting tools possible.”
Eighty-seven percent of the U.S. adult population has a mobile phone and more than 71 percent of those phones are internet-enabled (smartphones), according to the Federal Reserve’s Consumer and Mobile Financial Services 2015 report. Mobile phones have had a significant impact on the financial services industry and are increasingly used by consumers for banking, payments, budgeting and shopping. Consumers’ use of smartphones to access financial services continues to grow. More than 50 percent of smartphone users with a bank account have used mobile banking in the past year, according to the Fed’s report, up 51 percent from the previous year.
Cachet’s Select Mobile Deposit, a cloud-based software solution, enables banks and credit unions to offer their customers and members the ability to use their smartphone or tablet to deposit checks electronically, eliminating trips to a financial institution or ATM to deposit checks. Users simply download the mobile app and use their mobile device to snap a photo of the front and back of their check and then submit electronically for deposit at their financial institution. With Select Mobile Deposit, users can conveniently and securely deposit their checks anywhere, anytime.
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.