Cachet Financial Solutions, a provider of remote deposit capture solutions, has entered into a new partnership with YellowPepper Mobile Financial Network, a major player in mobile banking and payments in Latin America. Under the terms of the agreement, Cachet will provide mobile remote deposit capture services in support of YellowPepper’s YEPEX Mobile Banking Network.
Back in August, Cachet entered into a similar partnership with Nitro Mobile Solutions, providing remote deposit capture technology for use with the company’s mobile deposit solutions.
As for Cachet’s deal with YellowPepper, Cachet CEO Jeffrey Mack believes that interest in a full-service mobile payment solution is quite high in Latin America currently. Indeed, recent data from Deloitte (News - Alert) Consulting Group suggest mobile banking use in the region will increase by over 65 percent every year until 2015, by which time Latin America’s mobile payments industry should be worth over $1.0 trillion.
"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," said Serge Elkiner, CEO and founder of YellowPepper Mobile Financial Network, in a statement. "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."
Cachet’s mobile remote deposit capture application, Select Mobile, allows account holders to initiate a mobile deposit capture session from any smartphone or tablet. To make a deposit to an account through the app is as simple as snapping a picture of an endorsed check and submitting it for processing. Cachet does all the work before the images are transmitted, correcting any distortions or skewing and confirming that images meet industry mobile image-quality and file formatting standards. Of course, all transactions are transmitted with multiple layers of security.
Edited by Cassandra Tucker
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