SAN DIEGO, CA and MINNEAPOLIS, MN – December 9, 2014 - Mitek (NASDAQ: MITK, www.miteksystems.com), the leading innovator of mobile imaging for financial transactions and identification, and Cachet Financial Solutions, Inc. (OTCQB: 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™ 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™, 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™ Money prepaid platform.
Headquartered in San Diego, CA, Mitek (NASDAQ: MITK) is the leading innovator of mobile imaging for financial transactions and identification. Mitek’s patented mobile photo technology automatically captures images of financial and personal documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases. This innovative technology is licensed by more than 3,000 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com MITK-G
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About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money management and remote deposit capture solutions for PC, Mac and mobile. The company’s industry-leading solutions help clients to increase customer/member engagement, grow revenues and gain competitive advantage. Cachet’s cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. Enabled by Cachet’s complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers or members. For more information, visit www.cachetfinancial.com.
About DFC Global Corp.
DFC Global Corp. is a leading international non-bank provider of alternative financial services, principally unsecured short-term consumer loans, secured pawn loans, check cashing, gold buying, money transfers and reloadable prepaid debit cards, serving primarily unbanked and under-banked consumers through its approximately 1,500 current retail storefront locations and its multiple Internet platforms in ten countries across Europe and North America: the United Kingdom, Canada, the United States, Sweden, Finland, Poland, Spain, Romania, the Czech Republic and the Republic of Ireland. The Company’s networks of retail locations in the United Kingdom and Canada are the largest of their kind by revenue in each of those countries. For more information, please visit the Company’s website at www.dfcglobalcorp.com
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