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Algonquin State Bank Partners with Cachet to Deploy Both Business and Consumer Remote Deposit Capture (RDC) Solutions

January 5, 2016

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Enhanced banking technologies will position bank to attract more millennials and grow consumer and commercial businesses

MINNEAPOLIS, Minn. – January 5, 2016 – Cachet Financial Solutions (OTCQB: CAFN), a leading provider of remote deposit capture and mobile money technologies to banks, credit unions, and alternative financial services (AFS) providers, will deploy both consumer and business remote deposit capture (RDC) solutions for Illinois-based Algonquin State Bank.

Looking to increase their loan business and grow financially, Algonquin is partnering with Cachet to enhance the bank’s product offerings to ensure they have the right technologies in place to attract millennials and other mobile-first consumers and businesses. To that end, Algonquin will deploy Cachet’s Select Mobile™ Deposit and Select Business™ Merchant Capture solutions during the first quarter of 2016.

“We’re excited to partner with Cachet to bring our customers the kind of products and services that will make their business or personal lives easier and more rewarding,” said Karen Villaflor, president and COO of Algonqiun State Bank. “Offering consumer and business RDC supports our mission to expand our loan portfolio and grow financially by offering the innovative mobile technologies required to attract today’s tech-savvy millennials and businesses.”

Cachet’s Select Business Merchant Capture, a cloud-based software solution, will enable Algonquin’s commercial customers to electronically deposit checks via an office desktop scanner or mobile device, saving the time and cost of making a trip to the bank or ATM to make a deposit. Select Business mobile users can access all the same functionality of an advanced merchant RDC system via their tablets or smartphones, including capturing multiple checks in a single mobile deposit.

Select Mobile Deposit, also a cloud-based software solution, will give the bank’s consumer customers the ability to use their mobile device to deposit checks electronically—anywhere, anytime. Available for iOS or Android devices, Select Mobile users simply download the mobile app, use their smartphone or tablet to snap a photo of the front and back of their check, and then submit electronically for deposit. 

“We’re delighted to partner with Algonquin to power their consumer and business RDC solutions with Cachet’s proven technology,” stated Jeffrey Mack, president and CEO of Cachet Financial Solutions. “Cachet’s innovative Select Mobile Deposit and Select Business Merchant Capture solutions enable financial institutions of all sizes to compete more effectively and expand their businesses, without the need for additional expenditures on infrastructure and personnel.”

For additional information about Cachet’s Select Mobile Deposit or Select Business Merchant Capture, please visit or email [email protected].

About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading financial technology provider of mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into an industry leader and trusted partner of some of the world’s largest and most respected financial organizations.  With remarkable growth, an impressive client base and award-winning technologies, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.

The company's industry-leading solutions help clients to increase customer 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. For more information, visit

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Media Contact:
Judy German, VP & CMO
Cachet Financial Solutions, Inc.
[email protected]

Investor Relations:
Darin McAreavey, EVP & CFO
Cachet Financial Solutions, Inc.
[email protected]