Veritec Financial Systems, a subsidiary of Veritec, has entered into a license and maintenance agreement for its mobile banking platform with Security First Bank of Fresno, California. Security First is expected to start issuing Visa-branded prepaid cards on Veritec’s mobile banking platform as early as July, 2009.
As a cardholder independent sales organization, Veritec may promote and sell Visa-branded card programs. As a third-party servicer, Veritec provides back-end cardholder transaction processing services for Visa branded card programs on behalf of Security First Bank. Veritec has said that it is now positioned as a registered front-end sales organization and back-end processor of Visa-branded prepaid cards, that are issued and processed on Veritec’s banking software platform that is licensed to the card issuing banks.
Jeff Hattara, president and CEO of Veritec, said: “From such significant vertical integration and know how comes innovation and efficiency that makes Veritec a valuable business partner to card issuing banks, sponsors of card programs and, ultimately and most importantly, the cardholder. Veritec’s highly scalable and flexible banking software platform will enable it to bring new products and services to the rapidly expanding prepaid market quickly in response to cardholder and bank needs.”
Veritec is a developer of proprietary two-dimensional matrix technology. The company’s portfolio of products includes its proprietary VeriCode, VSCode 2D matrix symbology solutions, BioID – VSCode multi-purpose card solutions, and a suite of products known as PhoneCodes for delivering electronic tickets.
California-based Security First Bank is a commercial bank engaged in the commercial banking business. The bank offers a range of deposit, loan and other financial products and services.
