Mobile Commerce

Cachet Picked As Preferred Mobile Deposit Provider

CU Mobile Apps (CUMA), the new mobile solution designed for credit unions, selected mobile money technologies company Cachet as its preferred mobile deposit provider.

The product is the latest offering from the strategic partnership between ICUL Service Corporation (LSC) and CUNA Strategic Services (CSS), both of which currently service credit union members with a variety of products and services aimed at helping them to compete more effectively.

“Credit unions need comprehensive, customizable and cost-effective mobile solutions to remain competitive as well as attract the next generation of members,” Karen Duffy, LSC’s EVP and COO, said in a press release.

“CU Mobile Apps, with Cachet’s leading mobile deposit solution, is a powerful mobile platform that gives our credit unions the edge, not only to survive, but to thrive in the new age of tech-savvy members,” Duffy added.

CUMA is slated to provide a mobile solution to more than 2,300 small and mid-sized credit unions throughout the U.S. and is aimed at enhancing the two-way communication between credit unions and their customers.

The product will add mobile deposit to a credit union’s existing banking solution as well as other features to transform its abilities into that of a full service mobile branch. These other features include integrated locator searches, P2P solutions, social media and alert messaging.

Credit union members will also have the ability to view special offers, request loan information or integrate a mobile chat.

“Credit unions of all sizes are challenged today to keep up with the ever-changing and evolving mobile channel,” Jeffrey Mack, president and CEO of Cachet Financial Solutions, stated.

“We’re pleased to work with industry innovators like LSC and CUMA to help their credit union members to realize the value of the mobile delivery channel and our mobile deposit solution to strengthen their position in the marketplace and capture new members.”

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Social distancing has changed eCommerce from a ‘want to have’ to a ‘must have’ for businesses, yet retailers could struggle to create convenient payment and refund experiences for their apps and websites, says Abdul Raof Latiff, head of DBS Bank’s digital institutional banking group. In the April 2020 B2B API Tracker, Latiff explains how banks can provide a timely assist via application programming interfaces (APIs) that integrate payments into those eCommerce platforms.

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