Mobile money technology provider Cachet Financial Solutions has secured the green light from its issuing bank and MasterCard to provide its Select Mobile Money end-to-end turnkey payroll program for corporate clients.
Go deeper with GlobalData
The payroll card platform comprises a prepaid MasterCard as well as a mobile application.
The reloadable card, which is linked to a routing/account number, will enable employees to pay workers through direct deposit.
Supported by MasterCard’s payment processing network, the card can be used at over 35 million locations across the globe where MasterCard is accepted.
The mobile app incorporates a cloud-based mobile banking services suite including account management, card to card transfer, mobile coupons, and check-to-card loading with an option for instant good funds, through Cachet’s check guarantee partner Ingo Money.
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By GlobalDataCachet Financial Solutions president and CEO Jeffrey Mack said: "Select Mobile Money-Payroll is in sync with today’s mobile-centric employees’ lifestyles, increasing employee loyalty and reducing turnover for employers.
"With check processing costs at roughly $2 a check, companies can also significantly reduce check issuing and processing costs by switching to Cachet’s more economical payroll card solution."
