24 October 2014

Cachet acquires pre-paid mobile business unit from DeviceFidelity

14 March 2014  |  1070 views  |  0 Source: Cachet Financial

Cachet Financial Solutions, a leading provider of remote deposit capture solutions (RDC), announced today that it has acquired DeviceFidelity's Moneto prepaid mobile platform and a core VISA prepaid mobile money platform.

In addition to the core VISA prepaid mobile money platform and the prepaid mobile application platform, the acquisition includes strategic relationships with Mastercard, MoneyGram and Navy Federal Credit Union. Cachet's expanded prepaid mobile offering will provide program managers, processors, banks and credit unions the ability to provide their customers a convenient and feature rich prepaid mobile application.

"Prepaid represents one of the fastest growing financial product sectors," said Jeffrey Mack, President and CEO of Cachet. "As a leading prepaid solutions provider over the last three years, we've witnessed the growth in prepaid, as well as the opportunity for financial service providers to extend the life of their prepaid card programs by offering a more robust prepaid mobile experience to their customers."

The Moneto prepaid mobile platform architecture provides clients the flexibility to add new features within weeks, such as cash loading; instant "Good Funds" for check to card loads; card balance and history; loyalty and rewards; person-to-person transfers; expedited bill pay and remittance. The feature rich mobile application allows users to easily access, manage, and use their prepaid card right from their mobile phone. Additionally, the platform also offers clients an optional mobile payment feature that enables NFC on the iPhone and Android devices, for contactless payments.

"This acquisition is a perfect complement to Cachet's current RDC mobile prepaid offering and demonstrates our strategic evolution to a more comprehensive mobile offering," added Mack. "We look forward to enhancing DeviceFidelity's prepaid mobile platform's already outstanding reputation by continuing to develop added value, customer centric features that help our clients to expand their customer base and build their businesses."

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