MINNEAPOLIS, June 6, 2012 /PRNewswire/ -- City National Bank, one of the nation's top financial institutions, has partnered with Cachet Financial Solutions, a leading provider of remote deposit capture (RDC) solutions, and Panini, a global payments processing technology provider to deliver RDC to Apple Macintosh desktop users. The Los Angeles-based bank has been a leading provider of RDC since 2006 and has extended their offering to Mac-based small businesses using Cachet's Select Business™ Mac, featuring the Panini I:Deal®. Merchant trials began in mid-2011, offering the first RDC solution with native support in a Mac desktop environment along with true MICR check capture.
"City National Bank became a leader in the market by providing a complete RDC solution to all their customers including Mac users," said Jeffrey Mack, President and CEO of Cachet Financial Solutions. "By utilizing the Panini I:Deal scanner and Cachet's Select Business Mac solution, City National Bank has been able to offer their Mac customers all the benefits of remote deposit capture that PC owners currently enjoy."
With approximately 25% of City National's clients using Mac products, the bank was aggressively searching for an RDC solution. "A significant portion of our customer base uses Mac, so finding a solution that met their needs was very important to us," said Charles Wiggins, City National's Senior Vice President of Treasury Management and Group Product Manager. "We looked at a number of possibilities but determined that Cachet's Select Business Mac with the Panini I:Deal was clearly the best solution. We have been very excited to roll this out."
Cachet's industry-leading, patent-pending Select Business Mac platform for Mac operating systems is a Web-based solution that allows financial institutions greater freedom and flexibility when providing RDC to their Mac customers. Select Business Mac is more efficient for end users and more cost-effective, with reduced requirements for internal support from financial institutions. Cachet's software solution enables merchants to process checks in a single pass, validate their authenticity and forward items to financial institutions for digital deposit, eliminating the costs associated with manual deposit processes.
"We are very excited to extend our successful relationship with City National as they provide this new solution to their Mac customers," adds Michael Pratt, Chief Marketing Officer, Panini. The Panini I:Deal was designed specifically to support low volume remote capture environments including small business, and is Cachet's preferred check scanner for use with Select Business Mac. The scanner utilizes patented technologies to deliver capabilities critical for RDC success including high quality dual-sided image capture, document franking, and advanced reading technologies in the areas of MICR and OCR. Additionally, through self-adjusting capabilities, the Panini I:Deal provides an optimal user experience in the wide variety of environmental conditions encountered in small business RDC implementations.
"The initial response to our pilot program has been overwhelmingly positive," adds Wiggins. "We currently have over 25 business clients up and the program continues to grow as we expand the offering to our entire client base."
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, developed to run on both Windows and Mac operation systems, 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. Let us help you unleash the power of RDC. For more information call 877.318.4449 or visit www.cachetfinancial.com.
Founded in Turin, Italy, Panini has enabled clients to capitalize on shifts in the global payments processing market for more than sixty years. Panini has a rich history of technology innovation, leveraging the company's expertise in research & development. Panini's market leading solutions are based on state-of-the-art engineering resources and ISO-9000 quality certified production. Panini offers check capture solutions that enable customers to fully realize the advantages and efficiencies available with the digital transformation of the paper check. Panini's scalable check capture solutions address the complete range of distributed check processing opportunities including teller capture, back-counter capture, remote deposit capture and remittance processing. For more information please call +1 937.291.2195 or visit www.panini.com.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $24.0 billion in total assets, and provides banking, investment and trust services through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Tenn., and Atlanta. The company and its investment affiliates manage or administer $57.8 billion in client investment assets, including $32.5 billion under direct management. For more information about City National, visit the company's Website at cnb.com.
SOURCE Cachet Financial Solutions