- Business
- Veritec, Inc. (VRTC) develops, sells, licenses, and supports mobile banking solutions, secure identification technologies, and payment processing systems primarily in the United States. Founded in 1982 and headquartered in Golden Valley, Minnesota, the company operates as a subsidiary of The Matthews Group, LLC and serves debit card issuers, sponsoring organizations, merchants, and businesses through its proprietary platforms. Core products and services include the VeriCode customizable 2D barcode for secure data encoding and offline scanning; blinxPay centralized digital wallet for connecting bank, debit, credit, membership, and ID cards with instant transfers, rewards, and business accounts; blinx ON-OFF and Mobile Toggle Card Visa prepaid debit card programs enabling card toggling via mobile; custom branded debit, prepaid, and gift card programs with professional services; Tangible secure payment gateway offering real-time ACH, debit, and credit card processing plus automated billing; and back-end mobile banking solutions for rewards settlement in open or closed loop environments.
Recent developments encompass a July 2022 memorandum of understanding with Nugen Universe, LLC to develop private-label blinxPay systems and Bio-ID verification, including milestone payments totaling $1.4 million upon sponsor bank identification, integration, and launch; a distribution agreement with Encore Sales and Marketing LLC to expand product offerings; sustained license fee revenue growth to $150,000 in fiscal 2024 from mobile banking technology; and Q1 fiscal 2025 earnings reflecting $39,000 in revenue amid efforts to secure additional funding for ongoing operations.