Reduce liability for losses on commercial accounts by adhering to four requirements.
FBA Names VINtek as Exclusive Endorsed Supplier for Electronic Lien and Title Services
Feb 25 - VINtek, a provider of automotive collateral management and electronic lien and title services for automotive lenders, has been selected by BancServ Inc. as the exclusive endorsed ELT supplier to provide services to member banks of the Florida Bankers Association.
In 2012, the Florida legislature passed a bill requiring that all automotive lenders in the state implement the Florida Department of Highway Safety and Motor Vehicles’ paperless ELT process by Jan. 1, 2013. VINtek was endorsed by the FBA after a thorough due diligence process based on the company’s expertise in transitioning banks of all sizes to ELT.
ELT enables Florida banks to receive electronic liens from the DHSMV, and is an environmentally friendly alternative to paper-based vehicle titles. ELT also increases efficiency for the state agency and automotive lenders by saving time, reducing needed storage space and significantly reducing the risk of fraud or error.
“It is very important for us to help our member institutions make a smooth transition to an electronic lien and title process,” said Alex Sanchez, president and CEO of the FBA. “VINtek is the clear choice to help us make the switch due to the company’s many years of ELT experience and familiarity with the legislation in Florida. By providing high quality customer service and an extremely solid and easy-to-use product at reasonable rates, we feel working with VINtek will be of great benefit to our members and we fully endorse VINtek to all FBA members.”
“We appreciate FBA’s trust in VINtek, and look forward to working hand-in-hand with FBA members to make a smooth transition to electronic lien and title,” said Larry Highbloom, president of VINtek. “VINtek has been helping Florida financial institutions reduce expenses and save time with ELT services for more than 10 years. We are dedicated to bringing that same expertise to FBA member institutions.”
About the Florida Bankers Association
The Florida Bankers Association was established in 1888 to advocate on behalf of Florida banks and promote the banking industry in the state. The FBA is unique in its focused approach to serving members through untiring advocacy at the state and federal level, useful products and service and exceptional education programs. The association is composed of more than 300 banks and financial institutions, governed by a 39-member board of directors and staffed by 20 full-time employees. For more information, visit www.floridabankers.com.