Cachet wins remote deposit mandate at PSCU

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.

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Cachet will be providing PSCU with its Select Mobile(TM) technology (mobile RDC for deposit accounts and loading prepaid cards), as well as Select Home(TM), 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."

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