MINNEAPOLIS – Cachet Financial Solutions has teamed with PreCash to provide instant remote check deposits to a companion prepaid card.
Cachet Financial said with its RDC solution, funds for PreCash’s FlipMoney are available within minutes, rather than the standard three to six days it takes with traditional mobile check deposit solutions.
Cachet Financial said Select Mobile Capture allows companies to build custom-branded applications on smart phones or tablets. Members 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, can be traced back to registered smart phones, marked with time and location, to combat fraud.