Navy Federal Credit Union taps Cachet to power Go prepaid card

Source: Cachet Financial Solutions

Cachet Financial Solutions, Inc. (CAFN), a leading provider of cloud-based SaaS mobile money management technology to banks, credit unions and other financial services organizations, has been selected to provide its Select Mobile(TM) Money app for Navy Federal Credit Union's new "GO Prepaid Card."

With Cachet's award-winning Select Mobile Money app, Navy Federal members can load money onto their GO Prepaid Card with their Navy Federal debit or credit card, manage a companion card, view account activity and balances, as well as locate the nearest branch, ATM or Readylink cash locations from their mobile devices. Companion card members can also request funds through push messaging or suspend their card if needed.

"The success of our collaboration with Navy Federal for the Visa(R) Buxx reloadable prepaid card program, which launched last summer, was a key driver for Navy selecting us for this major follow-on deployment," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "In fact, more than 50% of Navy Federal's Buxx prepaid cardholders downloaded the app, which far exceeded our expectations."

"As financial institutions adapt to meet the evolving needs of today's technology savvy consumers," added Youri Bebic, SVP of Mobile Innovations at Cachet, "the advanced capabilities of our Select Mobile Money platform provides everything prepaid cardholders need to manage their accounts from their smartphones. Our platform is the ideal solution for the on-the-go mobile banking consumer."

Elizabeth Dean, Manager of Debit Card Services for Navy Federal Credit Union, commented: "The tremendous success of our Visa Buxx program led to the expansion of our relationship with Cachet to provide prepaid mobile money management capabilities to all of our members with the GO Prepaid Card. Our cutting-edge banking solutions demonstrate our commitment to meet the evolving needs of our over 5 million members."

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