On 24th June 2014, leading provider of prepaid mobile money management solutions - Cachet Financial Solutions – announced that it has partnered with Navy Federal Credit Union, in order to implement a money management tool aimed at students. Navy Federal Credit Union is the world’s largest credit union.
"Cachet's intuitive mobile application makes the Navy Federal Buxx program even more convenient for students and parents to responsibly and securely manage money. We are excited to offer a tool that makes our members' lives easier,” said Manager, Debit Card Services for Navy Federal Credit Union, Elizabeth Dean, in a press release. “In fact, within the first three months, 20 percent of cardholders downloaded the mobile application," she added.
- The credit union's Visa Buxx program will utilize Cachet's Select Mobile Money prepaid mobile app to request money from parents via SMS, view balances, email or in-app notification, as well as 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 Select Mobile Money prepaid mobile platform is a cloud-based SaaS solution.
- It enables financial institutions to offer their prepaid cardholders a full suite of convenient financial services in one easy-to-use mobile application, says the release.
- The Select Mobile Money platform is available for iOS as well as Android systems.
- It 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.
"Select Mobile Money gives Navy Federal Visa® Buxx cardholders an incredibly convenient tool for banking on the go. Innovative financial institutions like Navy Federal Credit Union are leveraging the power of prepaid and mobile to better serve their members' changing needs," commented the President and CEO, Cachet Financial Solutions, Jeffrey Mack, in the same release.