Cachet Financial Solutions and PSCU Partner to Provide Remote Deposit Capture Technologies to Nation’s Credit Unions
MINNEAPOLIS, Dec. 18, 2012 — Cachet Financial Solutions, a leading provider of remote deposit capture solutions, has announced a new partnership with PSCU, the nation’s leading CUSO, to provide remote deposit capture (RDC) solutions to PSCU’s 680+ member credit unions. Cachet will be providing PSCU with its Select Mobile™ technology (mobile RDC for deposit accounts and loading prepaid cards), as well as Select Home™, consumer capture with a TWAIN-based scanner.
“The increased consumer demand for more flexibility and convenience within their banking technologies has been commented on for the past few years,” said Jeffrey Mack, President and CEO of Cachet Financial Solutions. “The time to act is now. With this partnership, PSCU’s member credit unions will have the ability to capitalize on two of the top trends; mobile deposit and prepaid cards.”
The call for mobile deposit continues to grow, as AlixPartners projects a 38% penetration by 2016, compared to just 2% in 2011. The highest adoption will occur among consumers between 18 and 35, a prime demographic for credit unions looking to stay relevant with the next generation of consumers.
As Javelin Strategy & Research reported in April, prepaid cards also represent a significant opportunity for attracting the next generation and transitioning them to becoming loyal members in the future. And, as the largest growing segment in payments, prepaid cards appeal to many consumer profiles.
The growth of both solutions is being driven by a demand for increased convenience among consumers. Providing convenience is key and the foundation for Cachet’s solutions. Within the mobile application, members simply snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, Cachet formats the images, corrects any distortions or skewing, utilizing Mitek’s patented technology, and confirms that the images meet industry Check 21 and mobile image-quality standards.
“Our relationship with Cachet reflects our philosophy of finding natural partnerships with organizations that share our view of the financial services future,” said Denise Stevens, VP, New Product Development for PSCU. “Mobile technologies are a linchpin in establishing robust virtual relationships between credit unions and their members. Remote Deposit Capture is one of those go-anywhere services that are becoming increasingly integral to serving non-local, or relocated members. Mobile products like RDC are key to empowering credit unions to operate on parity with much larger institutions.”
About Cachet Financial Solutions
Cachet Financial Solutions is a leading financial services technology company, specializing in commercial and consumer remote deposit capture (RDC) solutions for financial institutions, credit unions, and financial service organizations. RDC Select™, our industry-leading platform has been designed to simplify the process for delivering, implementing, and servicing RDC. We’ve eliminated the need for our clients to build and manage their own RDC business. Cachet’s merchant capture solution (for both PC and Mac) and mobile applications provide greater freedom and flexibility for financial institutions and their customers. Cachet’s sophisticated marketing strategy and professional sales training program ensures our customers success with their RDC initiatives. Let us help you Unleash the Power of RDC!™ For more information call 877.318.4449 or visit www.cachetfinancial.com.
The Cachet Financial Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16013
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 18 million inquiries a year.
PSCU’s MōPRO (Member Owner Payments Revenue Optimization) initiatives marries emerging technologies with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance both revenue and market share for Member-Owner credit unions. For more information, visit the PSCU website at www.pscu.com.