By: Dylan Sikes - AllPennyStocks.com News

Tuesday, November 29, 2016

The fintech industry is fast gaining ground as more and more tech companies are wading into the territory. Tech behemoths ranging from Alphabet’s (NASDAQ:AAPL) have introduced their own wallets, changing the face of financial industry. However, several other companies are making major impact in the field. Competing neck-in-neck with established players are the startup companies, such as Tencent and others, with each using analytics to further boost their products. The major areas of growth in the sector are related to mobile payments and use of technologies such as blockchain for enhancing the security level of financial transactions.

Cachet Financial Solutions Inc. (OTCQB:CAFN), a cloud based technology company specializing in financial services, is one such tiny company ideally positioned to ride the wave of growth in the segment. The company offers technology solutions to financial service providers. On Tuesday, Cachet announced a major upgrade of its Select Mobile™ Money prepaid mobile platform. The new upgrades will help the company in seamless integration of its services. 

The enhanced platform brings many new features, such as multitenant capabilities. This feature allows card program managers to deploy uniquely branded mobile apps for each of their card programs in a convenient manner. The platform’s administration web portal is used for configuring each such app. The clients can also customize and design their apps in a matter of couple of hours, a tremendous improvement from an earlier design cycle spanning several months.

Another main feature of the enhanced platform is a fully-integrated, seamless and secure international money transfer. This feature has been implemented in collaboration with Viamericas’ Vianex Money Transfer-as-a-Service (MTaaS). It offers a single sign-on feature and complete transaction history for quick, repetitive transactions. 

The company heralds its Select Mobile Money as a highly customizable app can that be used for managing personal funds and prepaid cards. Loading of the cards is possible through several modes, including check and card.

With the launch of Select Mobile Money as a flagship product, Cachet is hoping to capture the business of some 25% of U.S. consumers that own a reloadable prepaid card. Once stigmatized as only used by the indigent, prepaid cards have experienced robust growth amongst the affluent, including millennials and Generation Xers that account for 8 out of every 10 users. According to BI Intelligence, 27% of prepaid card users earn over $100,000 per year.

“These new capabilities and features reflect we’ve been listening carefully to user feedback and requests, and we can now offer a much stronger value proposition to any business looking to start a prepaid card program, said Jack Mack, President and CEO of Cachet, in today’s news release.

Cachet Financial Solutions offers an attractive investment venue. The company is a leading provider of white label remote deposit check capture services. It mainly offers its services to financial institutions and counts H&R Block and US Bank among its customers.

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