Veritec and Cities in Touch to offer prepaid debit cards issued from kiosks

Veritec, Inc., a developer of mobile banking debit card solutions and a pioneer and developer of proprietary two-dimensional matrix technology, today announced that its subsidiary, Veritec Financial Systems, Inc. (“VTFS”), entered into agreement with Cities in Touch (“CIT”) of Hot Springs, Arkansas to integrate VTFS’ mobile banking software platform with CIT’s ATM and debit card issuing kiosk systems.
VTFS markets and sells prepaid card programs and provides back-end prepaid card processing services on behalf of Security First Bank to card sponsoring organizations. VTFS markets its prepaid card programs under its MTC and Blinx On-Off brands. In addition to serving as an ATM machine, CIT’s kiosk systems enable consumers to securely cash checks, pay bills, transfer money and obtain pay day loans. By integrating VTFS’ and CIT’s respective systems, consumers will benefit by being issued secure reloadable debit cards that may be used at most ATM machines and when making retail purchases. VTFS’ debit cards are more secure than cash in that consumers will be able to turn their debit cards “on” and “off” with their mobile phones.
“Veritec is very pleased to enter into this agreement with Cities in Touch. CIT provides convenient as well as special and important services to members of our community, and Veritec is able to help these consumers by providing a reloadable and highly secure financial product that is a better and safer alternative to cash,” said Van Tran, Executive Chair of Veritec.
“Veritec’s prepaid card products and services will enable CIT to be in a position to offer new and exciting products and services to its customers. It has also provided CIT with a service that helps us reduce the need for keeping a significant amount of cash in our kiosks and this helps make CIT’s operations and the kiosk owners’ operations more secure,” said Randy Dodd, President of CIT.