Eyeing new markets, VeriTran's international sales account for 60% of revenues

Wednesday, April 13, 2011

Argentine mobile banking and payments solutions provider VeriTran will this year focus on developing new markets across Latin America, company commercial director Marcelo Fondacaro told BNamericas.

Outside Argentina, the firm currently operates in Mexico, where it has three clients, including local bank Banorte. VeriTran has also recently signed an agreement with Mexican retail chain Liverpool to develop the firm's mobile payment system. "Through this system, clients will be able to pay at Liverpool stores using the mobile phone," he said. The project is slated to be fully operational in two months.

"This year, we are aiming to attract two or three new clients in Mexico," he added.

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The executive said VeriTran is also carrying out a pilot in Uruguay with local bank Nuevo Banco Comercial, and "we're also looking for opportunities in Chile, Peru, Colombia and Brazil. Specifically in Chile, we expect to attract some clients this year."

Fondacaro added that revenues from operations outside Argentina currently represent some 60% of the total.

In Argentina, VeriTran provides mobile banking services to 19 banks through local ATM chain Red Link.

Among the company's domestic clients are Banco Nación, Banco Provincia, Banco de Córdoba, Banco de Santa Fe, Banco Ciudad and BNP Paribas.

The company's flagship product is a mobile banking platform, but VeriTran also develops products to add value over this platform and is working to create more security elements for the platform. "We have recently implemented a soft token solution for Red Link's m-banking platform, which will provide more security to transfer operations," Fondacaro added.