Cachet Financial Solutions Launches Select Mobile

EDINA, Minn., Sept. 1 /PRNewswire/ -- Cachet Financial Solutions, a leading provider of remote deposit capture (RDC), and Mitek Systems, Inc., an innovator of advanced-image analytics and mobile-document-capture applications for smartphones, announced they have entered an OEM agreement enabling Cachet to offer Mitek's mobile remote deposit capture capabilities to financial institutions nationwide.

With the integrated capabilities of Mitek's Check 21-compliant Mobile Deposit® application, Select Mobile allows financial institutions to offer all the advantages of RDC to their valued retail customers. Consumers using iPhones, Blackberrys, Androids and Windows Mobile are now able to do their banking remotely by simply taking a picture of their check and sending the image to their financial institution. Select Mobile uses Cachet's unique RDC Select™ platform which simplifies the process for delivering, implementing and servicing RDC solutions, eliminating the need for financial institutions to build and manage their own RDC business. Deployment of Select Mobile begins this month.

"With Mitek's technology, we're expanding our RDC solution, making RDC Select the Gold Standard for Remote Deposit Capture™ for consumers and businesses alike," said Jeffrey Mack, President and CEO, Cachet Financial Solutions. "Financial institutions will see the benefits as well, including the ability to offer innovative new services that enhance customer loyalty, increase profits and provide significant cost savings."

A highly secure, accurate and easy-to-use application, Select Mobile allows users to initiate mobile-deposit sessions, key in deposit amounts and simply snap photos of both sides of the check with smartphone cameras. The Mitek software captures the check images and prepares them for transmission to customer's financial institution.

Before transmitting, Mitek's IMagePROVE™ technology formats the check images, automatically corrects any image distortions or skewing, and confirms that the images meet accepted image-quality standards. After the checks are submitted successfully, users receive instant communications back from their banks, resulting in rapid access to funds or timely payments.

"We are very pleased to have Cachet Financial Solutions choose our Mobile Deposit application as its mobile RDC solution," said Mitek President and CEO James DeBello. "Cachet can now be the 'Gold Standard' in mobile check deposit, which will result in the best customer experience for Banks and Credit Unions."

About Cachet Financial Solutions

Cachet Financial Solutions is a leading provider of commercial and consumer remote deposit capture (RDC) solutions for financial institutions and their customers. RDC Select™, our fully integrated, customized solution, is a unique platform that eliminates the need for financial institutions to build and manage their own RDC business. Our industry leading software platform has been designed to simplify the process for delivering, implementing and servicing RDC. Cachet's sophisticated marketing strategy and professional sales training program ensures our customers are successful with their RDC initiatives. For more information, visit www.cachetfinancial.com.

About Mitek Systems, Inc.

Mitek Systems (OTC Bulletin Board: MITK), an innovator of advanced image analytics and mobile document capture applications for smartphones, has created the Gold Standard for Mobile Check Deposit. For more than 20 years, the Company has developed a comprehensive suite of intelligent character recognition software used to test, clean, authenticate and extract data from imaged checks, documents and objects, and its software is used to process more than 10 billion items per year. For more information visit www.miteksystems.com.

SOURCE Cachet Financial Solutions