Cachet Financial Solutions, a provider of remote deposit capture (RDC) solutions, has announced a new partnership with YellowPepper Mobile Financial Network, Latin America's pioneer in mobile banking and payments, to provide mobile remote deposit capture services for its YEPEX Mobile Banking Network.
"Latin American consumers are increasingly seeking mobile payment solutions that provide full service capabilities and support, making the region an ideal marketplace for Cachet’s mobile deposit services," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "YellowPepper is uniquely positioned to capitalize on this major trend and deliver more service and convenience to their customers."
As Latin America’s economies continue to grow and smart phone penetration continues to increase, consumer demand for advanced mobile banking solutions is becoming a significant business opportunity. In fact, according to Deloitte Consulting Group, mobile banking usage in Latin America is expected to increase over 65 percent every year until 2015. By that time, the region’s mobile payments industry is expected to be worth over $1 Trillion with the average annual expenditure by user increasing to nearly $1,200.
"Across the region, Latin American consumers are increasingly seeking advanced mobile payment solutions that allow them the convenience to purchase goods and services from their mobile phones. By partnering with Cachet, our YEPEX Mobile Banking Network is strengthened to meet our customers’ evolving needs," states Serge Elkiner, CEO and Founder of YellowPepper Mobile Financial Network. "With their deep expertise in the financial marketplace and premier mobile deposit technology, Cachet is the ideal partner to help us continue leading the Latin America mobile payment revolution."
The foundation of Cachet’s mobile remote deposit capture application is convenience and simplicity for the consumer. Cachet’s Select Mobile™ application allows account holders to initiate mobile deposit capture sessions on their smartphone or tablet. The deposit technology can be run as a standalone application or integrated into an existing mobile offering. Making a deposit to an account through the application is fast and easy. Members simply snap pictures of their endorsed checks and submit them for processing. Before transmitting the images, Cachet formats the images, corrects any distortions or skewing, and confirms that the images meet industry mobile image-quality and file formatting standards. All transactions are transmitted with multiple layers of security.
"The mobile revolution is transforming banking and payments worldwide and we are excited to partner with YellowPepper to help make mobile financial services a reality for millions of Latin Americans" said Larry Blaney, Executive Vice President of Sales at Cachet. "We look forward to much success together."