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Solutions

Veritec’s interactive solution for examination reporting, or VISER, is a versatile environment used by multiple jurisdictions to regulate various industries.  Deploying real-time, point of sale integration, regulatory authorities no longer have to rely on “look back” examination processes.

This model has effected practical, quantifiable change in the States of Illinois and Michigan, the Commonwealth of Kentucky and a number of other areas.

VISER captures, evaluates and tracks transaction-level activity in real-time. The system can be configured to a state’s regulatory environment to support various levels of compliance; think of a stoplight.

 

Stops – Transactions that do not conform to established laws and regulations.

Our point of sale regulatory database stops regulatory violations in real-time before they happen, reducing costs on remediation while helping to enforce important consumer protections. Our system also notifies the licensee of why their submission fails to meet regulatory requirement and/or may be fraudulent at the point of sale.


Warns – Transactions that may violate regulatory guidelines.

Noncompliant and/or fraudulent transactions can cost consumers thousands and put consumers and businesses at risk. The system can be implemented to warn licensees of suspicious activities holding them for further evaluation. Every decision is recorded in real-time and made ready for immediate review by the regulatory agency responsible. The system can be customized to elevate certain risks and provide immediate warning to regulatory authorities.


Verifies – Transactions that reside within all established laws and regulations.

Transactions that fulfill all of the necessary requirements and abide by applicable laws and regulations set forth are immediately identified as eligible.  Transactions are not stopped and there are minimal warnings at the point of sale. This environment is desirable for regulatory agencies who are dealing with low risk transactions, but still require efficient oversight accomplished at the lowest regulatory cost possible.

The speed and efficiency of a real-time, point of sale regulatory database allows the state to enable 100% compliance with minimal burden to licensee business processes.

 

 

 

 

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The guiding principles for Veritec’s regulatory solutions include:

  • Proven innovative software solutions that enforce statutory requirements and consumer protections at the point of sale
  • Real-time compliance and data capture that is critical for effective and efficient regulatory oversight
  • Established technology and operations infrastructure that meets or exceeds privacy and security requirements
  • Customer-focused, high-quality program management and support services
  • Drive transaction level data and analytics to the examination process

These core principles are at the heart of every solution that we deliver. We have a proven track record of delivering our solutions on-time, on-scope, and on-budget. We are committed to maintain these high standards in our future partnerships.

Industries

Deferred Presentment/Payday Lending

Veritec has been serving the deferred presentment and short-term credit industry for over a decade. Our systems enable 100% compliance in an industry that is constantly moving and changing. Jurisdictions around the world are passing laws and adopting regulations that call for a real-time database to help ensure compliance, and Veritec has and will continue to provide that solution for many of them.

Florida Deferred Presentment Case Study

Auto-Title Lending

auto-titleMany states have enacted regulations to protect consumers from abuses associated with auto-title loans. In some jurisdictions, these abuses can even lead to consumers losing their vehicles while still having unpaid loan balances. Our system enables 100% compliance with state statutes and specifically ensures fees and other auto title activity is consistent with regulatory requirements.

Illinois’ Auto-Title Lending Program

Medical Cannabis

The Medical Cannabis Industry is booming, and states know that they need stringent, real-time compliance solutions to ensure that the industry does not spiral out of control. Veritec has thirteen years of experience with implementing and managing real-time state regulatory programs in fourteen states. Our technology and program capabilities include a number of features that provide an effective compliance solution, such as:

  • Ensure compliant access for patients
  • Improve the operating environment for physicians
  • Facilitate the state’s ability to regulate this industry
  • Enabled verification for law enforcement

Learn more

Check Cashing Database Solutions

Check CashingWorkers’ compensation fraud cost society billions of dollars every year. One of the most common and organized types of fraud, often found in the construction industry, involves using check cashing businesses to cash large corporate checks in order to make payments to workers of uninsured subcontractors. Veritec’s solution creates a check cashing database to increase the flow of information between check-cashers, the Office of Financial Regulation, the Division of Workers’ Compensation and the Division of Insurance Fraud regarding commercial/third-party checks, allowing for the efficient and timely detection of fraud schemes.

Check Cashing Database Solutions

Anti-Predatory Mortgage Database

MortgageThe mortgage crisis has highlighted the need to protect consumers from predatory mortgage practices. Veritec’s solution identifies potential abuses starting at origination, informs consumers, enforces credit counseling requirements, and tracks potential predatory activities for future enforcement.

Actual experience has shown a significant reduction in predatory mortgage activity after implementing our mortgage solution.

Illinois’ Anti-Predatory Mortgage Database

...since we are up and running on time and without problems, this is probably a good time to express our thanks here to everyone at Veritec who has helped to make this project a success. GOOD WORK!

- Francis Babiarz
Deputy Commissioner,
Delaware Office of the State Bank Supervisor