Cachet Makes Mobile Wallet Foray with Moneto Buy (March 12, 2014)
Minneapolis-based remote deposit capture (RDC) specialist Cachet Financial Solutions has made a major move into the mobile wallet arena, acquiring the moneto mobile payment platform from DeviceFidelity Inc.
The Paybefore Award-winning moneto wallet, launched in 2012, includes a prepaid card and a mobile app with an optional NFC-based payment feature. The acquisition will enable Cachet’s clients, including program managers, processors, banks and credit unions, to offer a full-featured prepaid mobile payments tool. Whereas Cachet’s RDC capabilities previously have been incorporated as a feature of other prepaid mobile platforms, including those from H&R Block and Cricket Wireless, Cachet now can offer an end-to-end solution under its own banner, according to Larry Blaney, executive vice president, sales, Cachet.
“We’ve been involved in many projects in prepaid mobile, and what we found is the [client] wants a full-featured platform, so we were always relying on our partners for the mobile payment applications,” Blaney tells Paybefore. Cachet will integrate its RDC technology into the moneto platform over the next 30 days and have the full suite ready to go in April, Blaney says.
Cachet has been expanding its offerings for prepaid companies rapidly over the past year, with an emphasis on the convergence of prepaid and mobile. In October 2013, the company launched a mobile money management platform, dubbed Select Mobile Money, available as a white-label solution for prepaid program managers and other financial service providers. And last June, Cachet integrated its RDC technology with Ingo Money’s Good Funds Network, which enables prepaid cardholders to load checks onto prepaid cards.