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Cachet Announces Upgrade to Proprietary Risk Mitigation Platform

August 13, 2013

CheckReview™ 1.5 Offers Advanced Risk Mitigation for Remotely Deposited Checks

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MINNEAPOLIS, Minn. – August 13, 2013 – Cachet Financial Solutions, a leading provider of remote deposit capture solutions (RDC), has announced an impressive feature upgrade to their patent-pending risk mitigation platform, CheckReview™. CheckReview is integrated with Cachet’s mobile and flat-bed consumer RDC products: Select Mobile™ Deposit, Select Mobile™ Prepaid, and Select Home™, and offers financial institution, credit union, and financial service organization clients the ability to monitor checks in real time with flexible controls and advanced monitoring.

“With the initial release of CheckReview, Cachet led the industry with real time verification of check images,” said Jeffrey Mack, President and CEO at Cachet. “This upgrade incorporates best practices that we have learned since the initial offering and provides our clients with even greater control over their RDC programs.”

Released this week, the upgraded CheckReview platform now offers Cachet’s clients the unique ability to segment their RDC users into groups. CheckReview administrators can implement Know Your Customer best practices by setting custom deposit limits for user groups. This enables the financial institution to “graduate” customers/members based on their account type, status, and history. Within groups, administrators can also create custom fee structures, allowing a more tailored and targeted fee option. For example, a financial institution might add a fee to business account deposits, while allowing retail consumers to use the service for free.

Additionally, CheckReview 1.5 features advanced monitoring and security with features like signature and endorsement detection, as well as daily reporting. Cachet’s clients also have more control over their program with operator audit tracking and increased administrative functionality.

“As a leading provider of RDC, we take the associated risks very seriously,” adds Mack. “CheckReview was already a strong complement to our suite of RDC products, and we are proud to continue to offer our clients robust and innovative ways to combat fraud.”