City National Bank, one of the nation's top financial institutions, has partnered with Cachet Financial Solutions, a leading provider of remote deposit capture (RDC) solutions, and Panini, a global payments processing technology provider to deliver RDC to Apple Macintosh desktop users.
The Los Angeles-based bank has been a leading provider of RDC since 2006 and has extended their offering to Mac-based small businesses using Cachet's Select Business™ Mac, featuring the Panini I:Deal®. Merchant trials began in mid-2011, offering the first RDC solution with native support in a Mac desktop environment along with true MICR check capture.
"City National Bank became a leader in the market by providing a complete RDC solution to all their customers including Mac users," said Jeffrey Mack, President and CEO of Cachet Financial Solutions. "By utilizing the Panini I:Deal scanner and Cachet's Select Business Mac solution, City National Bank has been able to offer their Mac customers all the benefits of remote deposit capture that PC owners currently enjoy."
With approximately 25% of City National's clients using Mac products, the bank was aggressively searching for an RDC solution. "A significant portion of our customer base uses Mac, so finding a solution that met their needs was very important to us," said Charles Wiggins, City National's Senior Vice President of Treasury Management and Group Product Manager. "We looked at a number of possibilities but determined that Cachet's Select Business Mac with the Panini I:Deal was clearly the best solution. We have been very excited to roll this out."
Cachet's industry-leading, patent-pending Select Business Mac platform for Mac operating systems is a Web-based solution that allows financial institutions greater freedom and flexibility when providing RDC to their Mac customers. Select Business Mac is more efficient for end users and more cost-effective, with reduced requirements for internal support from financial institutions. Cachet's software solution enables merchants to process checks in a single pass, validate their authenticity and forward items to financial institutions for digital deposit, eliminating the costs associated with manual deposit processes.
"We are very excited to extend our successful relationship with City National as they provide this new solution to their Mac customers," adds Michael Pratt, Chief Marketing Officer, Panini. The Panini I:Deal was designed specifically to support low volume remote capture environments including small business, and is Cachet's preferred check scanner for use with Select Business Mac. The scanner utilizes patented technologies to deliver capabilities critical for RDC success including high quality dual-sided image capture, document franking, and advanced reading technologies in the areas of MICR and OCR. Additionally, through self-adjusting capabilities, the Panini I:Deal provides an optimal user experience in the wide variety of environmental conditions encountered in small business RDC implementations.
"The initial response to our pilot program has been overwhelmingly positive," adds Wiggins. "We currently have over 25 business clients up and the program continues to grow as we expand the offering to our entire client base."