Veritec launches card On/Off solution

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Veritec has released its MTC – ‘Mobile Toggle Card Program’ on the company’s mobile banking platform.

Veritec’s mobile banking platform is a debit, pre-paid and gift card solution that is licensed by Veritec’s wholly owned subsidiary, Veritec Financial Systems, 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 (e.g. the ‘under-banked’).

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 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 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.

The platform 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 program offers an amazing amount of value to card issuing and sponsoring organizations, whether they be commercial or government,’ comments Jeff Hattara, CEO Veritec. ‘For cardholders, the program is a wonderful tool that helps enable them to manage their money more securely. It is also a powerful tool that helps 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.’