Veritil MVS is a realtime revenue tracking and merchant verification platform for regulated industries. Here is how it works...
The VERITIL MVS platform plugs into existing point of sale systems which establishes the secure link back to the centralized MVS system. As sales occur the transaction data is encrypted using Paillier encryption which enables the tallying of revenue totals without exposing any additional details of each of the merchant’s individual transactions.
The encrypted data is then securely transmitted and centrally tallied. Because the data exchange is now happening in real-time there is rarely a need for a retroactive tax audit at the end of the businesses reporting period which enforcement.
Behind the scenes the Veritil platform maintains a secure monitored link, using high-grade encryption, between retailers and the regulatory body which not only optimizes the reporting process and ensures the highest levels of privacy for the business owner but ensures a continual and complete reporting of all taxable revenue.