Navy Federal Credit Union has implemented a money management mobile app from Cachet Financial Solutions to upgrade its prepaid card program for students.
The credit union's Visa Buxx program will use Cachet's Select Mobile Money mobile application to let customers view balances, request money from parents through SMS, email or in-app notification, and locate the nearest branch or ATM.
Meanwhile, parents can access their child's balances and transfer funds directly from their Navy Federal debit and credit cards or even suspend their card.
Cachet's is a cloud-based SaaS solution available for iOS and Android systems.
"Cachet's mobile application makes the Navy Federal Buxx program even more convenient for students and parents to responsibly and securely manage money," said Elizabeth Dean, manager of debit card services for Navy Federal Credit Union, in the release.