Jacksonville, FL – Alabama joins 13 other states in partnering with Veritec Solutions to protect consumers and provide real-time regulatory compliance for the payday lending industry.
Veritec Solutions provides proven technology that enables unparalleled levels of compliance for the payday and small dollar lending industry with high quality customer service to licensees and consumers. The Alabama State Banking Department released a Request for Proposal in early October seeking a statewide, fully managed real-time regulatory database for their deferred presentment industry, and Veritec Solutions responded with the winning bid.
Veritec Solutions currently manages a regulatory compliance system in Alabama supporting more than 240 active, licensed locations. The new statewide system, when deployed, will provide a 24x7x365 regulatory solution for the entire industry.
“We are delighted to partner with the Alabama State Banking Department and look forward to working with them to support regulation of their payday lending industry”, said Tommy Reinheimer, CEO of Veritec Solutions. “Veritec is increasingly becoming the system of choice for jurisdictions around the world who are seeking a secure, real-time regulatory system with superior customer service. This partnership further demonstrates Veritec’s dedication to enforcing consumer protections in the non-depository small-dollar lending industry, and our staff’s passion and expertise in delivering industry-leading systems and support.”