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December 1, 2009

Veritec Enters Into Agreement WIth CIT

To offer secure prepaid debit cards to consumers in retail and other locations

By CBR Staff Writer

Veritec, a developer of mobile banking debit card solutions, said that its subsidiary, Veritec Financial Systems has entered into a memorandum of agreement with Cities in Touch (CIT) to integrate VTFS’ mobile banking software platform with CIT’s ATM and debit card issuing kiosk systems.

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 said that consumers will be able to turn their debit cards on and off with their mobile phones.

Van Tran, executive chairman of Veritec, said: 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.

Randy Dodd, president of CIT, said: “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.”

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