Cachet Financial Solutions, a provider of cloud-based SaaS mobile money technologies, is set to deploy its Select Mobile Money platform for payroll card services provider SOLE Financial’s Visa Paycard.
SOLE Financial offers SOLE Paycards to US employers to increase direct deposit participation.
The Paycard enables unbanked employees to get their paychecks through direct deposit to a payroll card, enabling the employees to access their funds at any time in a safe and convenient way.
Users of the Paycard will get access to various mobile account services through Cachet’s mobile platform, and can view balances and transaction detail, pay their wireless bill, transfer funds and reload money from inside the app.
The app includes an instant good funds feature that will allow users access their deposits in minutes, as well as offer location-based technology to highlight reload locations and ATMs in proximity.
SOLE Financial co-founder and president Tom Secor said: "We’re thrilled to partner with Cachet to bring convenient and secure mobile financial services to our Paycard clients.
"Enhancing the Paycard experience with Cachet’s proven mobile platform helps us to retain cardholders and attract new payroll partners. It also demonstrates our commitment to staying ahead of the curve in providing tools to better serve the unbanked."