Remote Deposit Platform for Check-Cashing and Prepaid Cards

by Mercator Advisory Group 0

Cachet Financial Solutions has developed a remote deposit capture (RDC) solution that will be targeted towards mobile check cashing and reloadable prepaid cards. This type of technology is already available for most banks and credit unions, but this platform will focus on the unbanked and under-banked population of the US.

The foundation of Cachet’s mobile check capture application is convenience and simplicity for the consumer. Mobile check capture allows consumers to load checks onto their prepaid card using their camera-equipped smartphone or tablet. Users can load checks from anywhere at any time, allowing for quicker access to funds on their reloadable prepaid cards. Cachet’s mobile check capture is easy to use. Users simply click the branded application on their smartphone or tablet, endorse the check, agree to any applicable fees and snap photos of the front and back of each check that is being submitted.

This new solution will be available on Android, Blackberry and iPhone smartphones and tablets.

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