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March 10, 2016

CereTel taps Cachet Financial to design, manage new prepaid mobile banking platform

CereTel, a mobile top-up provider in the US, has selected Cachet Financial Solutions to develop, deploy and manage a new prepaid mobile banking platform.

By Verdict Staff

CereTel, a mobile top-up provider in the US, has selected Cachet Financial Solutions to develop, deploy and manage a new prepaid mobile banking platform.

The platform, which is expected to go live in the second quarter of 2016, will sold via CereTel distribution network of more than 40,000 retail stores across the US.

Powered by Cachet’s Select Mobile Money platform, CereTel’s prepaid card program includes a reloadable general purpose prepaid card, mobile app, website account management, and a web portal for ordering cards.

Under the arrangement, the technology provider will manage all card issuance, processing and program management for CereTel, which also includes card production and fulfillment of card orders.

The move will allow the prepaid card to be used at over 35 million locations globally wherever the program is accepted. Additionally, the platform will enable cardholder to use Select Mobile Money app to check their card balance, transaction history, deposit checks, and send money worldwide.

Cardholders can also save money through a national coupon network, which represents 150,000 businesses, the companies said in a joint statement.

The statement added that in a later phase, users will be able to top up (add minutes) to their own or another’s prepaid wireless plan using the app.

Cachet president and CEO Jeffrey Mack said: "This major retail opportunity for Cachet is indicative of the growing demand for Cachet’s innovative mobile solutions outside of traditional financial institutions, by alternative financial services providers looking to deepen customer relationships and expand market reach by offering prepaid mobile financial services."

CereTel CEO Thomas Lynch said: "CereTel is focused on offering innovative solutions to bring our foreign-born, underserved customers access to mainstream products, and financial mobility services are a key element in achieving our goals."

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