VINtek Launches Next Generation of VINtekTIME
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Santander Consumer USA First to Implement New Version of Collateral Management
System for Auto Lenders
PHILADELPHIA--(Business Wire)--
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 the launch of its latest version of VINtekTIME, its
Web-based automotive collateral management system for paperless and paper-based
vehicle titles.
The newest version of VINtekTIME includes features such as a workflow and task
queuing system with timers, due dates and alerts; the integration of Department
of Motor Vehicle business rules with document image and file hosting; and
expanded user profile configuration utilities.
The first financial institution to use VINtekTIME v3.0 is Dallas-based Santander
Consumer USA with its Drive Financial brand.
"We upgraded to VINtekTIME v3.0 because the system provides us with even more
efficiencies and risk management benefits as a result of new features and
capabilities plus unlimited customizable reporting and information sharing
tools," said Carolyn Prater, vice president of originations for Santander
Consumer USA. "As a member of VINtek`s Client Advisory Board, we were able to
work with the VINtek product development team to design advanced features that
meet our primary needs as well as enable us to customize features as we grow and
change processes."
"VINtek created the latest version of its collateral management system based
heavily on direction and feedback we received from lenders on our Client
Advisory Board, a group of select clients who actively help guide our innovative
efforts," said Larry Highbloom, president of VINtek. "Our new version of
VINtekTIME builds upon our history of reliability in data exchange with lenders
and DMVs and provides enhanced risk management tools to lenders who are focused
upon preventing title exceptions."
More than 740 automotive lenders nationwide use VINtekTIME to manage their
automotive collateral. VINtekTIME simultaneously processes paperless automotive
titles, also known as Electronic Lien and Title (ELT), and paper titles and
other collateral in one unified collateral management system. VINtekTIME is
deployed via a Software as a Service (SaaS) model that eliminates the
requirement for clients to install software since the application is hosted by
VINtek on secure servers within SunGard Data Systems (NYSE: DSD) hosting and
network infrastructure.
About Santander Consumer USA
With its Drive (www.drivefinancial.com) and RoadLoans (www.roadloans.com)
brands, Santander Consumer USA Inc. ("SC USA") is a provider of finance programs
that cover the entire non-prime spectrum within the auto industry. The company
began originating loans in 1997, and is headquartered in Dallas, with offices in
North Richland Hills, Texas. The company is owned by Banco Santander (NYSE:
STD), a global bank with 66 million customers.
About VINtek
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.
Media contact for VINtek
Sarah Cannon, 678-781-7216
Copyright Business Wire 2009
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