On August 10, 2001, Cachet Financial Services (previously known as Cachet Banq) was incorporated in the State of California. The name Cachet means "the mark of excellence" and was discovered by our president, Aberash Asfaw. Al Blowers, our visionary and founder, came up with its unique design—cACHet—with the idea to "do ACH" specifically for the payroll industry.
For nearly a year, processing consisted of receiving data by email and copying information onto a disk in order to transmit direct to the Federal Reserve Bank (using Fedline). Although manually processed, there was diligent research to discover a more automated method of processing.
Since there was no software on the market suitable to automate ACH payroll processing, Cachet developed a system. Al and Aberash provided a developer with specifications who built a custom system that has placed Cachet above all third party ACH payroll processors.
COPAC Payroll became the first Cachet remarketer client in December 2001 and processed approximately 2,700 transactions a month. National Script became our second client a few months later in 2002.
Today, Cachet is leader among processors with over 270 remarketers. We average over $10 billion dollars a month and $140 billion per year. We process over 5 million transactions monthly and 70 million annually.
ACH Payroll Processing Excellence
These 15+ years of building blocks have strengthened Cachet Financial Service's core and continues to encourage excellence in our organization and staff. Years have seen diverse groups of personnel that have worked together in creating an atmosphere of superior service and satisfied customers.
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