Mitek and Cachet Financial Solutions partner on mobile account-opening utility

Source: Mitek

Mitek (MITK), the leading innovator of mobile imaging for financial transactions and identification, and Cachet Financial Solutions, Inc. (CAFN), a leading provider of cloud-based SaaS mobile money management and remote deposit capture technologies to banks, credit unions and other financial services organizations, today announced that they have expanded their partnership.

Cachet Financial Solutions, long time Mobile Deposit partner, will now offer Mitek's entire Mobile Photo Account Opening(TM) SaaS Suite as part of their award-winning mobile prepaid platform.

DFC Global Corp (DFC), a leading provider of non-bank international alternative financial services, will be the first to let consumers use their smartphone to apply for the mobile check cashing service by taking a photo of a state ID card. Upon approval, the customer can then fund a prepaid card immediately by capturing a check image using the mobile app.

"Offering a great mobile self-service experience starts with a flawless account opening process," said Tom Burns, President of North America Retail at DFC. "We are happy to be the first prepaid provider to offer photo features in our app. By letting consumers take photos instead of entering data, we will increase forms completion rates improving our revenue from mobile."

Jeffrey Mack, president and CEO of Cachet Financial Solutions, states, "We recognize the importance of a great mobile account opening experience to our prepaid clients' success. We are very pleased to deliver this best in class mobile solution to DFC via our expanded relationship with our long-standing partner, Mitek."

"We are delighted to be expanding our relationship with Cachet. As with DFC Global, they will enable financial institutions to reduce the friction for mobile account opening maximizing the value of this channel for customer acquisition," added James B. DeBello, president and CEO of Mitek.

This partnership mashes up Mobile Account Opening SaaS Suite which includes Mitek MiSnap(TM), a touch-free client, and a hosted, multi-tenant server that supports the capture and processing of US IDs, checks, debit/credit cards and trailing documents with Cachet Financial Solution's Select Mobile(TM) Money prepaid platform.

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