Digiliti Money (NasdaqCM: DGLT) Selected By Fidelity Express To Provide Photo Bill Pay Fintech Solution
The importance of convenient financial service has grown tremendously due to the unpredictable economy and the increasing number of new Americans. According to the FDIC, as many as nine million U.S. citizens do not have bank accounts, which means cash transactions continue to increase at the point of purchase. The 34 million unbanked and underbanked U.S. households rely on alternative financial services to make the monthly payments essential to daily life. Of all households in the U.S., 20 million use cash to pay their bills in a typical month, 9 million use money orders. According to the 2015 Diary of Consumer Payment Choice, cash continues to be the most frequently used payment instrument across all age groups and income levels.
Digiliti Money, Inc. (NasdaqCM: DGLT) is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in 2010, Digiliti Money has quickly grown into a technology leader and trusted partner of some of the world’s largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technologies, Digiliti Money continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
Today Digiliti Money announced that it has been selected as a photo bill pay provider by Fidelity Express, a provider of money orders, walk-in bill payment and other POS financial services. will integrate its Select Mobile™ Bill Pay platform image recognition technology into Fidelity Express’ existing bill pay system to provide clerks with a quick, easy way to process their customers’ bill payments. With the snap of a high-quality, digital image, transaction details are securely captured from a consumer’s bill stub and transmitted for processing. Select Mobile Bill Pay automatically extracts relevant data from the image and auto-populates the fields required in a bill payment application, eliminating the time and hassle of manual data entry.
Fidelity Express currently processes more than half a million walk-in bill payment transactions per month for consumers who visit their neighborhood payment locations in supermarkets, convenience stores and other retailers in 19 states. K. Neal Barker, Fidelity Express director of sales and marketing stated, “We see this new solution providing a much better experience for our merchants and their customers. It will streamline and expedite the bill pay process, cutting the average bill pay transaction time by more than half, thereby allowing us to dramatically increase our processing capacity.”
Digiliti Money President and CEO Jeffrey Mack stated, “Mobile bill pay can be one of most challenging and complex functions for service providers to deploy. For leading alternative financial solutions providers like Fidelity Express, we help overcome these challenges, while saving the time and expense associated with offering bill pay services to their customers.”
Digiliti Money will ring the Closing Bell at the NASDAQ Stock Market today, Monday, May 8, 2017, to celebrate the company’s rebranding, recent strategic accomplishments, successful capital raise and uplisting onto the NASDAQ Capital Market in March 2017. I, John Heerdink, will be attending this ceremony and I am very excited about this next phase that Digiliti Money is moving into as a publicly traded Nasdaq company and where the company is targeting to head in the years to come. The company formerly known as Cachet Financial Solutions, recently rebranded as Digiliti Money in April 2017 to better reflect the company’s evolution as a mobile money technology leader capitalizing on multi-billion-dollar end markets.
Please visit the Vista Partners Coverage Page on Digiliti Money, Inc. (NasdaqCM: DGLT) to stay up to date and to learn more about developments in fintech and this specific issuer.
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