Cachet Financial Solutions (CFS), a US-based provider of remote deposit capture solutions (RDC), has purchased DeviceFidelity-developed Moneto prepaid mobile platform and a core VISA prepaid mobile money platform.
The acquisition also includes making relationships with MasterCard, MoneyGram and Navy Federal Credit Union.
With the acquisition of DeviceFidelity’s platforms, CFS can expand its prepaid mobile offering and allow its clients to provide their customers with a rich prepaid mobile application.
The Moneto prepaid mobile platform allows clients to add new features such as cash loading, instant ‘Good Funds’ for check to card loads, card balance and history, loyalty and rewards, person-to-person transfers, expedited bill pay and remittance.
CFC president and CEO, Jeffery Mack, said prepaid represents one of the fastest growing financial product sectors.
"This acquisition is a perfect complement to Cachet’s current RDC mobile prepaid offering and demonstrates our strategic evolution to a more comprehensive mobile offering," Mack added.