–MINNEAPOLIS, Minn. – December 10, 2013 – Cachet Financial Solutions, a leading provider of remote deposit capture (RDC) solutions, has announced a new partnership with YellowPepper Mobile Financial Network, Latin America’s pioneer in mobile banking and payments, to provide mobile remote deposit capture services for its YEPEX Mobile Banking Network.
“Latin American consumers are increasingly seeking mobile payment solutions that provide full service capabilities and support, making the region an ideal marketplace for Cachet’s mobile deposit services,” said Jeffrey Mack, president and CEO of Cachet Financial Solutions. “YellowPepper is uniquely positioned to capitalize on this major trend and deliver more service and convenience to their customers.”
As Latin America’s economies continue to grow and smart phone penetration continues to increase, consumer demand for advanced mobile banking solutions is becoming a significant business opportunity. In fact, according to Deloitte Consulting Group, mobile banking usage in Latin America is expected to increase over 65 percent every year until 2015. By that time, the region’s mobile payments industry is expected to be worth over $1 Trillion with the average annual expenditure by user increasing to nearly $1,200.
“Across the region, Latin American consumers are increasingly seeking advanced mobile payment solutions that allow them the convenience to purchase goods and services from their mobile phones. By partnering with Cachet, our YEPEX Mobile Banking Network is strengthened to meet our customers’ evolving needs,” states Serge Elkiner, CEO and Founder of YellowPepper Mobile Financial Network. “With their deep expertise in the financial marketplace and premier mobile deposit technology, Cachet is the ideal partner to help us continue leading the Latin America mobile payment revolution.”
The foundation of Cachet’s mobile remote deposit capture application is convenience and simplicity for the consumer. Cachet’s Select Mobile™ application allows account holders to initiate mobile deposit capture sessions on their smartphone or tablet. The deposit technology can be run as a standalone application or integrated into an existing mobile offering. Making a deposit to an account through the application is fast and easy. Members simply snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, Cachet formats the images, corrects any distortions or skewing, and confirms that the images meet industry mobile image-quality and file formatting standards. All transactions are transmitted with multiple layers of security.
“The mobile revolution is transforming banking and payments worldwide and we are excited to partner with YellowPepper to help make mobile financial services a reality for millions of Latin Americans” said Larry Blaney, Executive Vice President of Sales at Cachet. “We look forward to much success together.”
Founded in 2004, YellowPepper with over 2.5 million users is positioned to lead the mobile financial services in Latin America. YellowPepper’s unique value proposition allows banks, mobile network operators, merchants and consumers to conduct mobile financial transactions in a secure, efficient and convenient manner. The Company is currently operating in nine countries: Mexico, Colombia, Peru, Ecuador, Guatemala, Dominican Republic, Bolivia, Haiti and Panama. The Miami-based company is the recent recipient of the IFC / World Bank first equity investment in a mobile financial services company in Latin America.
About Cachet Financial Solutions
Cachet Financial Solutions is a leading financial services technology company, specializing in commercial and consumer remote deposit capture (RDC) solutions for financial institutions, credit unions, and financial service organizations. RDC Select™, our industry-leading platform has been designed to simplify the process for delivering, implementing, and servicing RDC. We’ve eliminated the need for our clients to build and manage their own RDC business. Cachet’s merchant capture (for both PC and Mac) and mobile deposit technology provide greater freedom and flexibility for financial institutions and their customers. Cachet’s sophisticated marketing strategy and professional sales training program ensures our customers success with their RDC initiatives. Let us help you Unleash the Power of RDC!™ For more information call 877.318.4449 or visit www.cachetfinancial.com.