MINNEAPOLIS (11/9/12)--Cachet Financial Solutions, a provider of remote deposit capture solutions, announced its participation in the development of PreCash's FlipMoney, the first practical mobile wallet application for the underbanked market.
Utilizing Cachet's Select Mobile Capture technology, FlipMoney offers instant remote check deposits to a companion prepaid card. Funds are available within minutes, rather than the standard three to six days it takes with traditional mobile check deposit solutions.
"There is a need for the convenience of mobile check deposit among prepaid card users, but PreCash knew these people would not fully embrace the technology until it could deliver their money faster," said Steve Taylor PreCash CEO. "Many prepaid card users live paycheck-to-paycheck. They cannot wait several days for a check to clear. Cachet was instrumental in helping us develop a way to offer instant check deposit on our FlipMoney mobile wallet platform."
Cachet's Select Mobile Capture allows companies to build custom-branded applications on smartphones or tablets. Users snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, Cachet formats the images, corrects any distortions or skewing, using 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 smartphones, marked with time and location, to combat fraud.
The FlipMoney mobile wallet, including the instant check deposit feature, was recently introduced at FinovateFall 2012. Flip is currently being field tested with large-scale deployment planned later this year.