Veritec, a provider of two-dimensional barcodes and mobile banking debit card solutions, has entered into an agreement with New York-based electronic payment processing services provider PreVay to begin marketing a new Visa blinx On-Off banking and debit card.
Visa blinx On-Off banking and debit card will allow employers to pay employees electronically, transferring FDIC-insured funds directly into their cards using Veritec’s mobile technologies, in addition to those of PreVay.
Moreover, with this card both banked and un-banked employees can send funds to whomever they wish, using their combination payroll, bank and debit-card via mobile phone. Additional cards can also be ordered for friends and relatives.
Veritec, through its subsidiary Veritec Financial Systems, processes debit, pre-paid and gift card transactions for debit card issuers and sponsoring organizations. Under the MTC and blinx On-Off card programs, card issuers and sponsors may provide Veritec’s private branded debit or gift cards to individuals with or without an acceptable credit history.
The blinx On-Off card features the ability to turn card use on and off, make real time money transfers, and to provide notifications of card use. Cardholders have security and convenience while traveling and managing their funds, as well as transferring amounts from card to card or account to account, in real time anywhere in the world.
Veritec technology can be deployed on both a closed or open loop processing platform. Veritec’s instant issued MTC and blinx On-Off card programs, on Veritec’s mobile banking platform, are connected to California Security First Bank of Fresno.
Van Tran, CEO of Veritec, said: “PreVay’s excellent reputation for maximum knowledge and experience in banking, payroll, debit and mobile-banking arenas provides us a first-class partner for launching and marketing this great new product.”
Irene Marmott, president of PreVay, said: “We are excited about the future with Veritec and believe its proprietary technologies and security features will revolutionize traditional payroll issuance, as well as the banking and debit card market. PreVay, with its strategic partners, offers a governmentally-approved payroll solution in every state recognizing payroll cards.”