a provider of automotive collateral management and electronic
lien and title (ELT) services for automotive lenders, announced it
has been selected by BancServ, Inc. as the exclusive endorsed ELT
supplier to provide services to member banks of the Florida
Bankers Association (FBA).
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' (DHSMV) 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 fiendly 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
"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 (FBA) 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.
About BancServ, Inc.
BancServ, Inc. was created by the Florida Bankers Association as an
innovative approach to solve problems for financial institutions. By
providing research, testing, and offering products and services at a
discounted rate, BancServ, Inc. is saving Florida banks two incredibly
important resources - time and money. The extensive research and
screening performed by BancServ before it contracts with a vendor has
allowed institutions of all sizes to become more efficient and
effective. BancServ, Inc. is creating profitable conditions, solving
problems, and meeting needs with significant value for all financial
institutions. For more information on these programs, please call Pamela
Ricco, CEO of BancServ, or Bret Rock, Managing Director of BancServ, at
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