UK site  canada site


WorldHeatMapGreyVeritec Solutions is active in a number of jurisdictions around the world. We process more than 20 million short-term financial transactions every year in real time, and record and regulate hundreds of thousands of mortgage loan originations per year. A few of the areas we have interests in include:



In 2006, the Canadian government, under pressure from consumer advocates, set a national interest rate cap of 60% per annum.

They also limited the size of payday loans to $1,500 and required that the loan period be less than 62 days. However, individual provinces are allowed to implement their own regulations if they choose. Currently, there are only a few provinces that still abide by these national standards, and some provinces have begun to express an interest in implementing a real-time regulatory database.

If you would like to read more about the Canadian Small Dollar Credit Industry, click here.



Australia has provided some of the toughest small dollar lending regulations and penalties in the world, but many question if it is enough.

With a $1 billion payday lending market, the Australian Government has been struggling to regulate the industry for over a decade. Its most recent amendment, the Consumer Credit and Corporations Legislation Amendment Bill of 2011, helped to plug some of the loopholes that lenders had been slipping through in overcharging consumers. Many feel that this amendment isn’t enough, and that the government needs to further investigate alternative regulatory methods.

If you would like to read more about Australia’s small dollar lending environment, click here.

United Kingdom

8942029_sThe small-dollar credit industry in the UK more than doubled between 2010 and 2012, from $900 million to over $2 billion in annual short-term credit.

This exponential growth spurred massive criticism, and on April 1, 2014, the Financial Conduct Authority (FCA) formally took control of regulating the consumer credit market, including the $2 billion, 500+ storefront payday lending industry. The FCA has since implemented new regulations and procedures to help better protect its consumers. There have also been whispers that the FCA may consider implementing a real-time regulatory database, but these claims have not yet been substantiated.

To read more about the UK’s small dollar credit industry, read their case study.



In 2007, the State of Illinois found itself dealing with more and more predatory mortgage targeting. Something had to be done.

Members of the Illinois legislature banded together to implement Illinois House Bill 1167. This first-of-its kind mortgage bill targeted certain lending activities and made it mandatory for every loan offered to consumers in certain zip codes to be entered into a real-time database. At the time, the legislation was intended to establish a pilot program to determine if the mortgage lending industry could utilize a platform similar to technology that was already in place to regulate short-term “payday” lending.

To read the full case study, visit here.



In 2001, the Florida Legislature was faced with mounting calls to regulate short-term, high cost consumer lending, commonly referred to as “payday lending.”

At the time, Florida consumers were caught in a dangerous situation; while consumer lending on a national scale had general regulatory oversight from the Federal Trade Commission and other federal agencies, gaps in the regulation of these entities at the state level made it possible for consumer to take out multiple short-term loans from various lenders at the same time. Many consumers found themselves with thousands of dollars in loans from several different lenders, all with the same due date. Loan extensions were available, but came with staggering fees. Additionally, states like Florida did not have specific statutes dealing with short term lending.

In 2002, Florida implemented a state-wide, real-time database to regulate short-term, high cost consumer lending by limiting consumers to a single outstanding loan statewide. It also prevents lenders from extending any loan for additional fees.

To read more about Florida’s regulatory database, click here.

Some of our existing solutions include:

State of Alabama Deferred Presentment Services Database
1.877.ADV.BAMA (1.877.238.2262)
State of Delaware Short-Term Consumer Loan Transaction System
1.855.DEPDL.01 (1.855.337.3501)
State of Florida Deferred Presentment Transaction System
1.877.FLA.DPP1 (1.877.352.3771)
State of Illinois Consumer Reporting Service Database Transaction System for Payday, Installment Payday, CILA Title-Secured, and Small Consumer Loans
1.877.ILPDL.01 (1.877.457.3501)
State of Indiana Small Loan Transaction Database System
Commonwealth of Kentucky Deferred Presentment Transaction System
1.877.KY.DPP01 (1.877.593.7701)
State of Michigan Deferred Presentment Transaction System
1.866.MIDPP.01 (1.866.643.7701)
State of New Mexico Payday Loan Transaction System
1.877.NMPDL14 (1.877.667.3514)
State of North Dakota Deferred Presentment Database System
1.877.NDD.PPLN (1.877.633.7756)
State of Oklahoma Deferred Deposit Transaction System
1.877.OK.LOAN1 (1.877.655.6261)
State of South Carolina Deferred Presentment Transaction System
1.888.SC.DPP01 (1.888.723.7701)
Commonwealth of Virginia Payday Lending Database System
1.877.VAPDL.01 (1.877.827.3501)
State of Washington Small Loan Transaction System
1.877.WA.LOAN.9 (1.877.925.6269)
State of Wisconsin Payday Loan Transaction Database System
1.877.WI.DPP01 (1.877.943.7701)
State of Florida Check Cashing Database System
1.844.FLCCDBS (1.844.352-2327)