Cachet Financial Solutions has upgraded its Pay Award-winning Select Mobile Money prepaid mobile platform with enhancements that enable program managers to design and launch branded apps more quickly, as well as provide cardholders with a new international money transfer service.
Using a new administrative Web portal, Cachet’s program manager clients can view the branding and customization of their mobile apps as they’re created, reducing the design cycle from two or three months to as little as hours—thereby speeding time to market and lowering development and deployment costs, according to Cachet. The enhanced Select Mobile Money platform now also offers a fully integrated international money transfer capability powered by Viamericas’ Vianex Money Transfer as a Service. Nearly all of Cachet’s major clients already have upgraded to the enhanced platform or have committed to do so, said the Minneapolis-based mobile fintech specialist.
The enhanced capabilities were added as a result of feedback and requests from existing Select Mobile Money clients, said Cachet CEO Jeffrey Mack. By streamlining the design and deployment process, the platform now offers “a much stronger value proposition to any business looking to start a prepaid card program,” he noted. Meanwhile, the enhanced money transfer service is aimed at extending the life of a prepaid card, resulting in “stickier, more profitable customer relationships,” Mack added.
Cachet previously updated Select Mobile Money in October 2015, adding features addressing security and cardholder engagement. Earlier that year, the platform launched an integration with Apple Pay for POS transactions. Cachet was named a Judges’ Choice winner at the 2015 Pay Awards for the NFCU Visa Buxx prepaid app, which is powered by Select Mobile Money.
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