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Cachet Provides Simple with Remote Deposit Capture

December 4, 2012

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Cachet APIs Offer Simple the Flexibility to Design Ideal Customer Experience 

MINNEAPOLIS, Minn. – December 4, 2012 – Cachet Financial Solutions, a leading provider of remote deposit capture (RDC) solutions, announced today that it will provide Simple with the backend services needed to power Photo Check Deposit. Simple, a worry-free alternative to traditional personal banking, has integrated Cachet’s Select Mobile™ functionality into the Simple mobile application. With Select Mobile integration, Simple’s customers can now deposit checks using their smartphone, anywhere, anytime.

“We designed Simple to make the financial system work for consumers,” said Simple CEO Josh Reich. “We’ve taken ideals from straightforward, old-fashioned banking and built Simple on modern, flexible technology, like Cachet’s APIs. Last week’s addition of Photo Check Deposit to our mobile application is an extension of our goal to help our customers understand and engage with their finances so they can become smarter spenders and better savers”.

Simple offers its customers a smarter way to save and spend with an FDIC-insured account from its bank partner, top-notch customer service and an attractive mobile application. Like Reich, Cachet President and CEO Jeffrey Mack believes the relationship is ideal for both companies.   

“Cachet is one of the few RDC companies that embraces the changing dynamics of the banking industry and our new partnership with Simple illustrates that,” he said. “We look for opportunities that are truly unique and complementary to our RDC platform. Simple’s business model is a terrific fit.”

Mobile deposit through Simple’s application is fast and easy. Customers 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, utilizing Mitek’s patented technology, and confirms that the images meet industry Check 21 and mobile image-quality standards.  All transactions are transmitted with multiple layers of security and, if necessary, marked with time and location, in order to combat fraud.

This collaboration between Cachet and Simple comes at a time when more and more consumers are moving away from traditional banking relationships in favor of alternative services.

“Our technology allows us to develop and execute a host of solutions for a variety of financial organizations,” said Mack.  “The banking industry has to develop new methods to retain and satisfy their customers and our Select Mobile will allow Simple to do just that.”

About Simple
Simple is reinventing personal banking. With a free app and an FDIC-insured account from our bank partner, Simple replaces your bank with a smarter way to save and spend. Simple is currently available by invitation only at http://www.simple.com