VINtek Named Preferred Electronic Lien and Title Provider by Texas Bankers Association.
PHILADELPHIA -- VINtek (www.vintek.com), a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, announced that is has been endorsed as the preferred electronic lien and title (ELT) provider by the Texas Bankers Association (TBA) and its for-profit subsidiary, Texas Bankers Association Services Company (TBASCO). VINtek is currently an associate member of the TBA.
With the Texas Department of Motor Vehicles' (TxDMV) launch of a statewide ELT process in early November, TBA endorsed VINtek's ELT services to assist the TBA member banks with their paperless title processing initiatives. ELT, an environmentally friendly "green" alternative to paper-based titles, enables lienholders to receive paperless vehicle titles instead of the traditional paper titles.
Paperless titles require no physical storage or postage costs during the lien satisfaction process. Errors and exceptions are also quickly identified and corrected, making the lien easier to manage. With a paperless title, banks are able to reduce title management expenses and allocate fewer staff members to their collateral management departments.
"As a result of the introduction of the Texas Department of Motor Vehicle state-wide ELT process our TBASCO Board of Directors believed it important to endorse a provider that could service all of our members, from the smallest to the largest," said Wanda Stevens, director of partner alliances and marketing for the Texas Bankers Association. "After a stringent due diligence process and review of four ELT providers, VINtek was selected as our preferred vendor."
"We value the TBA's leadership, advocacy and commitment to member education and are honored to be selected as TBA's preferred ELT provider," said Larry Highbloom, president of VINtek. "Due to the implementation of ELT by the Texas Department of Motor Vehicles, auto lenders will begin to see the time and cost saving benefits of paperless ELT titles and we look forward to working with the TBA member banks to implement our ELT solution."
About Texas Banker Association
Since 1885, the Texas Bankers Association (www.texasbankers.com) has been working to create a dynamic and profitable environment for Texas banks. The Texas Bankers Association brings together community and regional banks and branches, bank holding companies and savings institutions. The mission of the Texas Bankers Association is to "meet the growing needs of our members with education, information and advocacy."
Founded in 1990, Philadelphia-based VINtek provides automotive collateral management services and direct auto finance solutions for banks, credit unions and other auto finance institutions. VINtek helps lenders increase customer satisfaction and operating efficiency while simultaneously decreasing costs and errors associated with collateral management through the introduction of innovative consumer loan servicing technologies. VINtek holds two U.S. patents on automotive lien processes and is the recipient of numerous industry awards for its processing services. For more information, visit www.vintek.com.
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|Date:||Nov 17, 2009|
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