Cachet Financial Solutions has signed a prepaid card marketing and servicing agreement with Central Bank of Kansas City (CBKC), under which CBKC will issue prepaid cards for Cachet’s Select Mobile Money card program.
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Cachet markets the Select Mobile Money debit cards to its financial institution as well as corporate clients. The mobile money prepaid card program also offers convenient program management and a mobile app.
The card program will be administered by CBKC’s Dell Rapids, South Dakota-based Central Payments Division.
Cachet Financial Solutions president and CEO Jeffrey Mack said: "Most of our clients are highly-regulated financial services companies. A direct relationship with CBKC’s Central Payments team reassures our clients and their regulators that the program is being administered by an experienced team committed to transparency in approach to compliance and value for the consumer.
"We sought out CBKC and Central Payments to avoid the risks and disruptions too-often associated with the mass-issuer model and to obtain the responsiveness necessary for our clients’ new prepaid card programs with Cachet to be handled as expeditiously as possible."
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By GlobalData
