Cachet Financial Solutions (NASDAQ:CAFN) was selected as the prepaid mobile banking provider of choice by ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA).
As quoted in the press release:
In partnership with ICBA, CBKC and MasterCard®, Cachet will offer ICBA’s community bank members a prepaid card program that is supported by Cachet’s Select Mobile Money-Express (SMM-X) platform. The platform includes a reloadable prepaid MasterCard issued by CBKC, along with a bilingual mobile companion app that provides convenient cloud-based services, like mobile account management, check-to-card fund loading with an option for “instant good funds,” and card-to-card transfer and remittance.
The app also features fingerprint authentication and location-based technology that can pinpoint nearby reload locations and ATMs. Cardholders may also send money internationally to family and friends with fully-integrated, seamless and secure money transfer, as well as gain access to a national mobile coupon network of 150,000 merchants offering local deals.
“We’re offering this prepaid card program, in partnership with Central Bank of Kansas City and Cachet, to help community banks increase customer engagement, grow revenues and gain competitive advantages,” said ICBA Bancard president and CEO, Tina Giorgio. “Typically these solutions have only been available to large national banks due to the high costs of platform development and deployment. This cost-effective, highly-scalable program offers a state-of-the-art mobile prepaid program that community banks can offer their customers.”
The mobile technology provided by Cachet is complemented by the prepaid card program managed by a team of payments experts in CBKC’s Central Payments Division. “We have joined with Cachet, ICBA Bancard and MasterCard to deliver a full-service payments solution that will enable community banks to offer the latest in mobile money technology,” said Trent Sorbe, president of Central Payments. “This prepaid card program will allow other banks to meet the needs of their mobile-savvy customers as well as extend their product reach to the more than 40 million underserved consumers using alternative financial products provided by non-banks.”