CoVantage Credit Union first to benefit from partnership
MINNEAPOLIS– MobilityWire® – January 9, 2013
Cachet Financial Solutions, a leading provider of remote deposit capture solutions, has announced a partnership with Tyfone, a mobile financial and security solutions provider, to provide mobile remote deposit services, including mobile remote deposit capture (mRDC), for their mobile banking platform. Through this integration, Tyfone is offering real time deposit capabilities, allowing funds to be directly deposited into member accounts. Midwest-based CoVantage Credit Union was the first to implement the integrated solution.
“The importance of providing a comprehensive mobile solution cannot be overstated,” said Jeffrey Mack, president and CEO of Cachet Financial Solutions. “We’ve witnessed a growing consumer demand for mobile banking, and in particular mobile deposit. By partnering with Tyfone, credit unions nationwide have the ability to offer their members a convenient, seamless solution.”
According to research by Forrester, mobile banking usage is expected to reach 108 million customers by 2017. In addition, AlixPartners projected that 2.1 billion checks are projected to migrate to mRDC from other channels by 2016, with adopters depositing 73% of their paper checks via mobile. Credit unions implementing a mobile solution with mobile deposit now will gain a significant advantage as consumers adopt these services.
Mark Miyamoto, director of mobile banking at Tyfone agrees, saying, “Tyfone is committed to the future of mobile banking and payment solutions. We have closely monitored trends in the industry and have incorporated the features we believe to be most relevant to what our customers are demanding so that they can better serve their members and stay competitive in the market. By integrating Cachet’s leading mRDC solutions with our comprehensive mobile banking solution, our clients can now capitalize on the increasing demand for mobile deposit, attracting new customers and expanding their reach.”
With this partnership credit unions like CoVantage are able to offer members a full-service mobile application, including mobile deposit and bill pay. Making a deposit 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, 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.
“Mobile RDC is a key product when defining ‘good service,'” said Bob Van Abel, Senior Vice President and CIO at CoVantage Credit Union. “Good service now is about providing solutions for members when and where they need. With the solution from Cachet and Tyfone, our members can made deposits on their time and get instant access to their funds. We have received wonderful feedback from our members; one even let us know that ‘this is the best thing that CoVantage has ever done.'”
Tyfone is a global innovator in mobility — connects money and mobility via a highly secure, scalable and flexible mobile financial services solution tailored to meet the evolving needs of consumers, financial institutions, mobile network operators, transportation companies and retailers. Tyfone and its partners enable a suite of services including mobile banking, smart card based mobile payments and mobile identity for use in-store with NFC and for use in the cloud without NFC. For more information visit www.tyfone.com.
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 applications 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.
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