SAN DIEGO--Mitek and Cachet Financial Solutions have expanded their partnership to offer Mitek’s Mobile Photo Account Opening SaaS Suite as part Cachet’s mobile prepaid platform.
The move delivers mobile account opening capability to the prepaid space, Mitek explained.
DFC Global Corp, a provider of non-bank international alternative financial services, will be the first to let consumers use their smartphone to apply for the mobile check cashing service by taking a photo of a state ID card, Mitek stated in a release. Upon approval, the customer can then fund a prepaid card immediately by capturing a check image using the mobile app.
“Offering a great mobile self-service experience starts with a flawless account opening process,” said Tom Burns, president of North America retail at DFC. “We are happy to be the first prepaid provider to offer photo features in our app. By letting consumers take photos instead of entering data, we will increase forms completion rates improving our revenue from mobile.”
Jeffrey Mack, president and CEO of Cachet Financial Solutions, Minneapolis, Minn., said, “We recognize the importance of a great mobile account opening experience to our prepaid clients’ success.”
James B. DeBello, president and CEO of Mitek, says the expanded relationship with Cachet enables financial institutions to “reduce the friction for mobile account opening maximizing the value of this channel for customer acquisition.”