Veritec introduces Mobile Toggle (Debit) Card Solution

Veritec, Inc., a pioneer and developer of proprietary two-dimensional matrix technology and developer of mobile banking debit card solutions, today released its MTC™ 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 Financial Systems, Inc. to debit card issuers and sponsoring organizations. Under the MTC™ Program, card issuers and sponsors may provide Veritec’s MTC™ branded debit or gift cards to individuals with and without demand deposit accounts. With an MTC™ 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, 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 mobile banking solution also enables debit card programs to be processed in either an open or closed loop processing environment. VTFS also provides back-end card processing services to the card issuing institutions for all cardholder transactions on the licensed platform. Jeff Hattara, President and CEO of Veritec, Inc. said: “Veritec’s mobile banking platform and its MTC™ 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. For cardholders, the Program is a wonderful tool that helps enable cardholders to manage their money more securely. Moreover, cardholders can now de-activate their cards themselves, in real time, any time they choose to do so.” MTC™ 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.