Financial Technology

Financial Technology

December 06, 2012

Cachet Financial Solutions to Provide Backend Services to Simple

Earlier this week, a recognized provider of remote deposit capture (RDC) solutions, Cachet Financial Solutions, announced that it will provide Simple with the backend services needed to power Photo Check Deposit.

A worry-free alternative to traditional personal banking, Simple has integrated Cachet's Select Mobile functionality into the Simple mobile application. Simple's customers, with Select Mobile integration, can now deposit checks using their smartphone, anywhere and at any time.

"We designed Simple to make the financial system work for consumers. We've taken ideals from straightforward, old-fashioned banking and built Simple on modern, flexible technology, like Cachet's API's,” said Josh Reich CEO at Simple.

To help its customers understand and engage with their finances so they can become smarter spenders and better savers, the addition of Photo Check Deposit to its mobile application is an extension of its goal.

With an FDIC insured account from its bank partner, Simple provides top-notch customer service and an attractive mobile application, as well as a smarter way to save and spend.

Jeffrey Mack, president and CEO for Cachet, and Josh Reich, CEO for Simple, believe the relationship is ideal for both companies.

Image via Shutterstock

Mack added that Cachet is one of the few RDC companies that embrace the changing dynamics of the banking industry. Simple's business model is a terrific fit since it looks for opportunities that are truly unique and complementary to its RDC platform.

Through Simple's application, mobile deposit is fast and easy. Customers simply snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, utilizing Mitek's patented technology, Cachet formats the images, corrects any distortions or skewing, and confirms that the images meet industry Check 21 and mobile image-quality standards. 

In order to combat fraud, all transactions are transmitted with multiple layers of security, and if necessary, marked with time and location. 

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Edited by Braden Becker

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