Cachet Financial Solutions has rolled out a new cloud-based solution that allows mobile users to make electronic payments by check.
Dubbed as Select Mobile NowPay, the platform allows Apple iPhone or Android-based smartphone users to make convenient and secure mobile check payments anywhere and anytime for loans, leases, memberships and more.
The solution will offer benefits such as multiple account capability, in-app transaction history to track and confirm payments as well as data privacy and security assurance.
NowPay will also feature benefits for banks, credit unions and financial services providers including flexible deployment, compliance-ready, white-label app that provides branding options as well as quick and easy setup for rapid ROI.
In order to use NowPay, users must first take a photo of their signed check with the Select Mobile NowPay app or with their existing financial institution’s mobile banking app that has been enabled with NowPay.
Cachet president and CEO Jeffrey Mack said:"As consumers increasingly transition to mobile-centric banking products, Cachet continues to lead this multi-billion dollar revolution with the most robust technology on the market."
The company has recently filed a related patent application for taking an expedited loan payment from a consumer who may or may not have a banking relationship with the financial institution accepting the payment.