PHILADELPHIA (4/23/12)--VINtek provides electronic lien and title (ELT) services for 104 of the 128 Texas credit unions participating in the state's ELT program, representing an 82% share, the Philadelphia-based company said.
VINtek was selected as the preferred product provider of ELT services by Credit Union Resources, Inc., the service corporation of the Texas Credit Union League, in 2010. Through the partnership between VINtek and Resources/TCUL, credit unions have been provided with the education, guidance and technology needed to replace paper vehicle titles with electronic titles.
ELT programs allow credit unions to receive digital titles from the Department of Motor Vehicles instead of paper titles with liens. ELT reduces paper use, title storage, manual processing and postage costs; eliminates exposure to lien release fraud; and improves member service by eliminating the chance of losing a title.