Cachet Financial Solutions Receives Notice of Patent Allowance for Mobile and Remote Check Deposit

MINNEAPOLIS, MN--(Marketwired - Jul 31, 2014) - Cachet Financial Solutions, Inc. (OTCQB: CAFN), a leading provider of cloud-based SaaS and mobile banking technology to banks and credit unions, has received a notice of allowance from the United States Patent and Trademark Office (USPTO) for a patent application that covers aspects of Cachet's remote deposit capture (RDC) platform that allows users of Apple® OS X® and iOS operating systems to deposit bank checks using their Apple desktop, laptop or mobile device.

A notice of allowance from the USPTO is a written notification that a patent application has cleared internal review and may proceed to be granted.

Cachet was the first company to offer RDC for Apple devices, which are incorporated in Cachet's Select Business™ and Select Home™ solutions for banks and credit unions. The technology allows a banking customer to utilize a mobile device camera or desktop TWAIN check scanner to create a digital image of a check, validate the check's authenticity, and forward the check electronically to the their financial institution.

This capability eliminates trips to the bank and waiting in line, and provides faster access to funds, which ultimately saves the banking customer both time and money. For the bank, it also lowers check processing costs, since it avoids the need for a teller and handling of physical checks.

"Even with Apple's increasing popularity over the past several years, there remains a large segment of the RDC marketplace that use Macs and which continue to be underserved," said Jeffrey Mack, president and CEO of Cachet Financial Solutions. "The financial institutions that only offer PC-based RDC solutions are missing out on the opportunity to better serve all of their customers, and may be losing business to the banks that do. Our Select Business and Select Home product provide a turn-key, secure solution that is simple and quick to deploy."

Christopher Ebbert, executive vice president and CIO of Cachet Financial Solutions added: "Cachet has long been recognized for making innovative, industry-leading RDC solutions available to financial institutions and their banking customers. In 2010, we were the first to market with an RDC solution for Apple users, and this notice of allowance for a key patent reaffirms our position as an industry leader and supports our unique value proposition for potential customers."