MINNEAPOLIS, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading mobile Fintech provider, has developed and deployed a new prepaid mobile banking platform for CereTel, the international telecom leader with a presence in 46 states, distribution through more than 40,000 immigrant-focused stores, and a customer base of more than 6 million nationwide.
Powered by Cachet's award-wining Select Mobile™ Money platform, the new CereTel prepaid card program includes a reloadable general purpose prepaid debit card that is paired with a robust, multilingual mobile app. It also includes easy online account management and a convenient web portal for ordering cards. Cachet is also providing ongoing management of the new prepaid mobile banking program, including card production, order fulfilment, processing and program management, all of which has accelerated CereTel's speed-to-market and ROI. The prepaid card is supported by a major payment processing network, allowing the card to be used at more than 35 million locations worldwide. "Our new mobile money platform grants our customers immediate access to a range of mobile capabilities and conveniences that are already enjoyed by millions of consumers in the U.S.," said CereTel CEO, Thomas Lynch. "This means we are finally able to bring a widely underserved population into the mainstream." In 2015, there were 25 million new mobile banking customers in the U.S., with this leading to nationwide mobile banking activity exceeding branch banking activity for the very first time. "Cachet has demonstrated that we chose the right partner for this endeavor," added Lynch. "That is, one with a comprehensive, market-ready platform that has enabled us to rapidly deliver this solution to our customers and nationwide retail network, and then have the capabilities and experience to manage it effectively and efficiently."