GOLDEN VALLEY, Minn., Nov. 7, 2011 /PRNewswire/ -- Veritec, Inc. (OTC –VRTC) today announced the signing of a Partnership Agreement with National Identity Solutions (NIS) of Norcross, Georgia. Ronald G. Logan, CEO of NIS, stated, "The partnership with Veritec is estimated to bring in hundreds of millions of dollars to both Veritec and NIS in 2012 income streams."
Van Thuy Tran, CEO of Veritec, states, "Veritec has state of the art patented identity and mobile cards technologies, and NIS has the identity recovery knowledge and knowhow plus a powerhouse marketing and sales team along with an established customer base. This agreement is an important addition to Veritec technology that will be the cornerstone of secure identification for financial transactions while reducing complexity and costs. Veritec is pleased to enter into this strategic partnership with National Identity Solutions. We are the perfect fit for each other."
Tom Look, Veritec CTO and former 3M Scientist and Senior Business Development specialist, stated, "The combined technologies offer consumers new levels of comfort provided by the wall of security surrounding their financial accounts. There is no better, highly secured, two-dimensional code available in the market than the VeriCode® and VSCode® that can hold up to 4500 bytes of data within one single code."
"One out of every 10 consumers is a victim of identity theft according to consumer reports and 43% of all identity theft is the result of lost or stolen wallets or personal documents. The agreement combines for the first time several unique fraud and identity theft protection features into a consumer debit/credit or ID card, and the card will also reduce fraud for merchants and banks," said Sam Rollins, VTFS President and former Senior VP of Global Information Security for Visa USA. Mr. Rollins also added, "Our proprietary payment platform, featuring the blinx On-Off™ card program, separates us from any existing financial cards in the market today." The key feature that provides the unique level of security for the card is the ability to instantly activate or deactivate (Toggle) the card on or off via text, phone or web. When the card is off it cannot be used.According to Ronald G. Logan, CEO of NIS, "The combined features of the new card will significantly lessen the likelihood of the cardholder becoming a victim of identity theft, the nation's fastest growing crime. Identity theft related to new and existing credit is less than 15% of reported identity theft cases. The identity theft protection provided for the cardholder and their household includes all 49 identity theft types through 24/7 live assistance by certified professionals. Our technology and propriety processes enable retrieval and restoration of a victim's identity up to three times faster than competitors." In addition to security, cardholders receive real time financial transaction notifications, elimination of overdrafts, complete access to and control of the card's financial account, subordinate cards, and real time account transfers, all using simple mobile phone or web commands. Both companies will market the new cards with the combined technology features for credit/debit cards, ID cards, payroll cards and gift cards.