Cachet Financial Solutions, a leading provider of prepaid mobile money management solutions, has partnered with Navy Federal Credit Union, the world’s largest credit union, to implement a money management tool geared towards students. The credit union’s Visa(R) Buxx program will use Cachet’s Select Mobile(TM) Money prepaid mobile application to view balances, request money from parents through SMS, email or in-app notification, and use the locator feature to easily locate the nearest branch or ATM. Parents have access to their student’s balances, can transfer funds directly from their Navy Federal debit and credit cards, and have the ability to suspend their teen’s card.
“Cachet’s intuitive mobile application makes the Navy Federal Buxx program even more convenient for students and parents to responsibly and securely manage money,” stated Elizabeth Dean, Manager, Debit Card Services for Navy Federal Credit Union. “We are excited to offer a tool that makes our members’ lives easier. In fact, within the first three months, 20 percent of cardholders downloaded the mobile application.”
“Select Mobile Money gives Navy Federal Visa(R) Buxx cardholders an incredibly convenient tool for banking on the go,” said Jeffrey Mack, President and CEO, Cachet Financial Solutions. “Innovative financial institutions like Navy Federal Credit Union are leveraging the power of prepaid and mobile to better serve their members’ changing needs,” added Mack.
Cachet’s Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution that enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile application. Available for iOS and Android systems, the Select Mobile Money platform can be integrated with existing card programs or used to develop a new prepaid card program, complete with feature-rich mobile app and branded general purpose reloadable prepaid card.