The California Bankers Association (CBA) selected VINtek, a provider of automotive collateral management, electronic lien and title (ELT) and direct auto finance solutions, as the exclusive endorsed ELT provider.

The California legislature passed a bill in 22009, which mandated the use of ELT by automotive lenders in the state by Jan. 1, 2012. So, replacing paper titles with digital versions, CBA’s member-banks must implement an ELT program. After a thorough due diligence process based on its experience transitioning banks of all sizes to ELT, VINtek was chosen for a strategic partnership with CBA.

VINtek has been helping automotive financiers increase efficiency and reduce exposure to fraud since 1990. It is the company to offer Electronic Lien and Title (ELT) in the state of Georgia.

“VINtek has assisted lenders in California with ELT programs for more than seven years,” said Larry Highbloom, president of VINtek, in a press release. “With the mandate deadline approaching, we look forward to working with CBA’s members to put the proper training and procedures in place to make a seamless transition to electronic titles. We appreciate CBA’s trust in VINtek to help banks in California reduce expenses and save time.”

Reducing exceptions and the chances of losing a title, an ELT program reduces paper usage, title storage and postage costs. California maintains the highest vehicle title volume in the country. A digital approach helps banks reduce expenses and allocate fewer staff members to their collateral management departments, the company has stated in a press release.

Recently, the company announced that it has been selected by Union Bank & Trust to provide ELT services and, with the institution, is leading the pilot phase of the Nebraska DMV's ELT program. During the pilot phase, Lincoln, Neb.-based Union Bank & Trust will test the electronic transmission of titles with the DMV. VINtek was chosen by Union Bank &am; Trust due to its previous experience assisting with piloting and launching ELT programs.