Veritec Introduces Its Mobile Toggle (Debit) Card Solution Debit card sponsors and issuers of Veritec's card solution empower their cardholders with
the ability to combat unpermitted and fraudulent use of their debit cards by turning their cards "on" and "off" with their mobile phones
GOLDEN VALLEY, Minn., Jun 22, 2009 (BUSINESS WIRE) -- Veritec, Inc. (Pink Sheets: VRTC), a pioneer and developer of proprietary two-dimensional matrix technology and developer of mobile banking debit card solutions, today announced the release of its MTC(TM) Mobile Toggle Card Program on the company's mobile banking software platform.
Veritec's mobile banking software platform is a debit, pre-paid and gift card solution that is licensed by Veritec's wholly owned subsidiary, Veritec Financial Systems, Inc. ("VTFS"), to debit card issuers and sponsoring organizations. Under the MTC(TM) Program, card issuers and sponsors may provide
Veritec's MTC(TM) branded debit or gift cards to individuals with and without demand deposit accounts (e.g., the latter the "under-banked"). With an MTC(TM) card the cardholders are empowered to combat unpermitted and fraudulent use of
their debit cards by "toggling" their cards "on" and "off" with their mobile phones. In addition to this toggling feature, cardholders may apply for their cards online, arrange for direct deposits to be made to their cards, and transfer money to their card from another account. Cardholders may also elect to receive various alerts on their mobile phones about activity on their card.
Veritec's MTC(TM) branded debit or gift cards to individuals with and without demand deposit accounts (e.g., the latter the "under-banked"). With an MTC(TM) card the cardholders are empowered to combat unpermitted and fraudulent use of
their debit cards by "toggling" their cards "on" and "off" with their mobile phones. In addition to this toggling feature, cardholders may apply for their cards online, arrange for direct deposits to be made to their cards, and transfer money to their card from another account. Cardholders may also elect to receive various alerts on their mobile phones about activity on their card.
In addition to the MTC(TM) branded program, VTFS also enables card issuers and sponsors to issue debit, pre-paid and gift cards under their own branded programs through licensed use of the mobile banking platform and VTFS' provision
of related professional services.Veritec's mobile banking solution also enables debit card programs to be processed in either an open or closed loop processing environment. In addition to its front-end licensing and professional services, VTFS also provides back-end card processing services to the card issuing institutions for all cardholder transactions on the licensed platform.
of related professional services.Veritec's mobile banking solution also enables debit card programs to be processed in either an open or closed loop processing environment. In addition to its front-end licensing and professional services, VTFS also provides back-end card processing services to the card issuing institutions for all cardholder transactions on the licensed platform.
"Veritec's mobile banking platform and its MTC(TM) Program is a significant advance forward in mobile banking technology and it brings an amazing amount of value to card issuing and sponsoring organizations, whether they be commercial or government," said Jeff Hattara, President and CEO of Veritec, Inc. "For cardholders, the Program is a wonderful tool that helps enable cardholders to manage their money more securely. It is also a powerful tool that helps
cardholders combat unpermitted and fraudulent use of their debit cards by turning their cards "on" and "off" with their mobile phones. People no longer have to completely rely on their card issuers to monitor possible fraudulent
activity on their accounts. Cardholders can now de-activate their cards themselves, in real time, any time they choose to do so."
MTC(TM) Program debit and gift cards on Veritec's mobile banking platform will begin being issued by Security First Bank of Fresno, California as early as July, 2009.
cardholders combat unpermitted and fraudulent use of their debit cards by turning their cards "on" and "off" with their mobile phones. People no longer have to completely rely on their card issuers to monitor possible fraudulent
activity on their accounts. Cardholders can now de-activate their cards themselves, in real time, any time they choose to do so."
MTC(TM) Program debit and gift cards on Veritec's mobile banking platform will begin being issued by Security First Bank of Fresno, California as early as July, 2009.
About Veritec, Inc. and VTFS
Veritec, Inc. is a pioneer and developer of proprietary two-dimensional matrix technology. The company's portfolio of products includes its proprietary VeriCode(R) and VSCode(R) 2D matrix symbology solutions, BioID - VSCode(R)
multi-purpose card solutions, and suite of products known as PhoneCodes(TM) for delivering electronic tickets, coupons and gift cards to mobile devices (www.veritecinc.com). Veritec Financial Systems, Inc. is a wholly owned subsidiary of Veritec, Inc. VTFS develops and licenses mobile banking debit, gift and prepaid card solutions and serves as a third party processor to banks for debit card transactions on the company's mobile banking platform (www.vtfs.com).
Veritec, Inc. is a pioneer and developer of proprietary two-dimensional matrix technology. The company's portfolio of products includes its proprietary VeriCode(R) and VSCode(R) 2D matrix symbology solutions, BioID - VSCode(R)
multi-purpose card solutions, and suite of products known as PhoneCodes(TM) for delivering electronic tickets, coupons and gift cards to mobile devices (www.veritecinc.com). Veritec Financial Systems, Inc. is a wholly owned subsidiary of Veritec, Inc. VTFS develops and licenses mobile banking debit, gift and prepaid card solutions and serves as a third party processor to banks for debit card transactions on the company's mobile banking platform (www.vtfs.com).
About Security First Bank
Security First Bank is a California commercial bank authorized to engage in the commercial banking business. The Bank operates from its main office in Fresno, California. The Bank offers a wide variety of deposit, loan and other financial
products and services.
Source: Veritec Company Press Release
