MINNEAPOLIS, June 07, 2017 (GLOBE NEWSWIRE) — Digiliti Money, Inc. (NASDAQ:DGLT), a leading mobile FinTech provider of cloud-based remote deposit capture (RDC) and mobile prepaid solutions, has received approval to process checks through Canada’s check clearing system following a rigorous certification process.
Digiliti Money has also been selected to deploy its Select Mobile™ Prepaid check-to-card technology for a global financial services group that serves the underbanked in Canada. Mintel reports that 34% of consumers in Canada opt to supplement their banking relationship by utilizing services from alternative financial service providers. The large financial services group will offer the solution through its hundreds of branches across Canada.
As a cloud-based, custom-branded platform, Select Mobile Prepaid lets prepaid card users deposit checks directly into their prepaid accounts from their smartphone or tablet.
Digiliti Money has been a leading remote deposit capture (RDC) and mobile money technology provider for U.S. financial institutions since 2010. The approval to process Canadian checks and the major client win now pave the way for Digiliti Money to offer a broad range of products to the Canadian market designed for consumers, businesses and financial institutions.
Digiliti Money can now extend its RDC solutions to Canadian financial institutions, including Select Business™ Merchant Capture, Select Remittance™, Select Capture™, as well some of its newer products for the banking industry, like Select Mobile™ Account Opening.
According to Celent, demand for remote check deposit capability is growing among both personal and commercial users, as it saves time and inconvenience of a special trip to a bank or credit union. In the U.S., more than 2,600 financial institutions have introduced mobile deposit over the last two years, leading to an estimated 80 million retail users. For Canadians, who still write nearly 1 billion checks annually, the ability to process checks electronically only became generally available in 2014, creating a new market for mobile and remote banking services.
Digiliti Money Adds French Canadian Multilingual Capabilities
For FinTech companies, one of the more important factors to address when doing business in Canada is that the country is officially bilingual, with both English and French as official national languages. In fact, according to the latest Canada census, 7.3 million Canadians or 22% of the population speak French as their first language. Most French Canadians live in the province of Québec, where 80% of the population is primarily French-speaking and French is the only official language.
As part of its entry into Canada, Digiliti Money has added French Canadian to its Select Mobile™ Money platform. The multilingual support allows users to easily switch between English, Spanish and French Canadian.
Select Mobile™ Money supports a prepaid mobile app that is feature-rich and customizable for financial services organizations in Canada looking to integrate a mobile channel with their current prepaid card program. The app supports alternative payment methods like Apple Pay™ and convenient features like fingerprint authentication, international money transfer, mobile bill pay, and check-to-card loading.
Digiliti Money’s mobile money solutions address an expanding prepaid market in Canada, which is expected to realize a compounded annual growth rate (CAGR) of 12.3% from 2017 to 2021, climbing from U.S.$19.9 billion to U.S.$31.8 billion, according to Research and Markets.
“Our new ability to generate transactional revenue from Canadian checks dramatically expands our international opportunities, and makes Canada an important part of our overall growth strategy,” notes Digiliti Money President, Chairman and CEO Jeffrey Mack. “Combined with our mobile platform’s multi-language capabilities, which is essential for Canada, we can now more easily expand upon the initial inroads we made with large Canadian financial services groups who have engaged us for our check processing technology, and now maybe more.
“We can also better address the needs of the hundreds of banks and credit unions across Canada who also require mobile money solutions, as well as secure and cost-effective consumer and merchant RDC capabilities,” added Mack. “The Canadian FinTech industry has strengthened dramatically in recent years, providing us strong tailwinds as we look to introduce our portfolio of products into this growth market.”
About Digiliti Money, Inc.
Digiliti Money, Inc. 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.
The company’s industry-leading solutions help clients to increase customer engagement, grow revenues and gain competitive advantage. Digiliti Money’s cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. Enabled by Digiliti Money’s complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.digilitimoney.com.
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CONTACT: Company Contact: Bryan Meier, EVP & CFO Digiliti Money, Inc. 952.698.5214 [email protected] Investor Relations Contact: Matt Glover or Najim Mostamand Liolios Group, Inc. 949.574.3860 [email protected]