League Service Corporation (LSC), a national credit union service organization, has selected Cachet Financial’s Select Mobile Money platform to power its CU Money prepaid mobile application.
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Select Mobile Money is a cloud-based platform that gives mobile device users access to a mobile prepaid charge card account with mobile management features such as check-to-card fund loading and card-to-card transfer.
The platform allows the users to access their deposits within minutes with an "instant good funds" feature, instead of the industry standard of three to five business days.
The Select Mobile Money platform will support both LSC’s General Purpose Reload (GPR) and Travel card programs.
Jeffrey Mack, president and CEO of Cachet Financial, said: "Partnering with a well-respected credit union service organization like LSC and its CU Money platform presents a tremendous opportunity for Cachet and is a strong validation of our mobile money management platform.
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By GlobalData"Our high-value, low-cost solutions allow credit unions to build relationships and drive sales by providing compelling solutions for existing prepaid card platforms, which can typically be the underserviced and ‘under-banked’ prepaid market."
Currently, more than 900 credit unions offer LSC’s CU Money product to their members.
