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CUAOk Services teams with Cachet on mobile deposits

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TULSA, Okla. (11/8/11)--CUAOk Services, the services corporation of the Credit Union Association of Oklahoma, announced it has formed a strategic alliance with Cachet Financial Solutions to offer Select Mobile, Cachet's mobile remote deposit capture application, to member credit unions.

Cachet's Select Mobile application allows account holders to initiate mobile-deposit sessions on their smartphone or tablet equipped with a two megapixel camera. To make a deposit, the account holder keys in the deposit amount, takes photos of the front and back of the checks, and sends it to the credit union.

Select Mobile captures the check and converts it to a higher quality image by formatting and correcting any distortions or skewing before transmitting. It confirms the images meet industry Check 21 and mobile image-quality standards. Transactions are transmitted with multiple layers or security and, if necessary, can be traced back to registered smartphones to combat fraud.

"CUAOk Services Inc. sought and embraced an alliance with Cachet Financial Solutions because it fits well with most every Oklahoma credit union's mission, and that is to provide quality and convenient service to its members," said Credit Union Association of Oklahoma President/CEO Gary Jones.

The solution includes account management, sales and marketing assistance, and 24/7 customer service, and provides financial institutions the ability to quickly and efficiently deploy the product to the member.  Along with Select Mobile, CUAOk member credit unions also will be able to use Cachet's Select Business solution for their merchant capture and consumer/home capture needs.

PayPal lets users change payment method later

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MADISON, Wis. (11/8/11)--PayPal Inc., an alternative online payments vendor, has introduced a new product that allows users to select their payment method up to five days after they purchase a product.

That contrasts with most mobile wallet vendors who allow their customers to select their method of payment before purchasing the product (American Banker Nov. 4).

PayPal uses Bill Me Later, an instant-credit provider it purchased in 2008, following Bill Me Later's failure to garner a necessary customer base for Pay Later--its home-based instant-credit system.

Based on slightly more information than what a customer usually gives merchants, Bill Me Later provides credit for individual purchases by conducting risk analysis during the checkout process. PayPal, by incorporating this technology into a mobile wallet, can issue customer credit and provide a five-day float for each purchase. Within that timeframe, a customer can change the funding option for each transaction.