Cachet Financial Solutions, a mobile fintech provider, has announced that LCNB National Bank has selected Cachet’s Select Mobile Deposit solution to power the bank’s new mobile deposit solution.
The Ohio-based bank with $1.2bn in assets and 36 locations, expects to begin offering mobile deposit to its mobile banking users by June 2016, via integration with the bank’s mobile banking provider.
Cachet’s Select Mobile Deposit, a cloud-based software solution, will enable LCNB National Bank’s customers to use their smartphone or tablet to deposit checks electronically, anytime, anywhere, eliminating the time and hassle of making trips to the bank or ATM to deposit checks.
Users can simply download the bank’s mobile banking app, use the camera on their mobile device to snap a photo of the front and back of their check and then submit to LCNB National Bank for deposit into their account.
LCNB National Bank executive vice president Eric Meilstrup said: "Cachet’s easy and secure mobile deposit solution is the perfect complement to our suite of banking services.
"Advanced risk mitigation and seamless integration with our mobile banking provider made it an easy decision to deploy Cachet’s mobile deposit solution to help us better serve current customers and reach new markets."
Unique to Cachet’s Select Mobile Deposit is the flexibility to allow unlimited business groups, with defined rules per group, regarding the acceptance of check deposits. As the relationship changes, LCNB National Bank can move a customer up to the next level of deposit acceptance, i.e., higher deposit limits, higher limit per day, etc.
Additionally, unlike other solutions that only run deposits in batches at the end of the day, Select Mobile Deposit accepts deposits throughout the day, enabling faster deposits for LCNB National Bank and their customers, and improving the overall user experience.
Cachet Financial Solutions president and CEO Jeffrey Mack said:"We’re pleased to partner with LCNB National Bank to help enhance their current product mix with our industry-leading mobile deposit solution, Select Mobile Deposit.
"Mobile deposit has become table stakes for financial institutions hoping to compete for and retain today’s mobile-centric consumers. Fortunately, Cachet’s affordable and flexible solution makes it easy for any size bank or credit union to offer their customers the convenience of mobile deposit."