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Tyler Technologies Launches Electronic Lien and Title Service for the State of New Jersey

$TYL #TylerTech--Tyler Technologies, Inc. (NYSE: TYL), in partnership with Champ Titles, Inc. and the New Jersey Motor Vehicle Commission, has launched a new electronic lien and title service for vehi...

Business Wire

New implementation makes New Jersey the third state to offer electronic liens and titling to residents and businesses

PLANO, Texas: $TYL #TylerTech--Tyler Technologies, Inc. (NYSE: TYL), in partnership with Champ Titles, Inc. and the New Jersey Motor Vehicle Commission, has launched a new electronic lien and title service for vehicle titling.

Driven by recently passed legislation, the Motor Vehicle Commission was tasked with implementing a solution that allows electronic submission of required forms and fees. The legislation not only requires the New Jersey Motor Vehicle Commission to implement an electronic lien and title service but also mandates that all lienholders in New Jersey participate in this new electronic program, unless they are otherwise exempt. The new system, whose formal pilot launched in January, allows lienholders financing vehicles in New Jersey to communicate in real time with the New Jersey Motor Vehicle Commission and eliminates the need for those lienholders to hold, manage, and ship secure paper titles.

Tyler and Champ have created a seamless vehicle titling and registration and lien management system that benefits stakeholders including vehicle retailers, lenders, insurance carriers, and residents. Launched in West Virginia in 2021 and in Kentucky earlier this year, New Jersey is the third state to implement the solution.

“We are excited to be launching the first phase of modernizing the technology used in New Jersey, starting with the electronic liens and titling service, and to begin seeing the similar impact for our drivers,” said Angela LaBelle, deputy chief administrator for the New Jersey Motor Vehicle Commission. “We expect to launch our planned second phase, eTitling for New Jersey vehicle retailers, in the near future.”

Key benefits of the new electronic lien and title service include, but are not limited to:

  • Reduced costs. Electronic processing eliminates outdated and lengthy paper processes, saving time and money for retailers, lenders, drivers, and department staff.
  • Improved efficiency. The system significantly reduces processing times, maximizing agency resources and drastically increasing the number of transactions processed by a single clerk.
  • Reduction of fraud risk. Digital processes eliminate the latency of paper-based processes, reducing many opportunities for fraud. Additionally, these digitized processes make document manipulation more difficult and help to eliminate risk.
  • Decreased environmental impact. Transitioning to a paperless process is expected to eliminate the use of more than 20 million pieces of paper each year in the state of New Jersey. In addition, as the titling and registration process becomes fully digital, commutes to and from county clerk offices will also decrease, providing additional environmental benefits.

Statewide digital titling in West Virginia has eliminated more than five million pieces of paper annually, reduced processing time from as much as 60 days to as little as one day, and eliminated department backlog with title clerks, now processing five times as many titles each day. Given the size and scale of New Jersey, it is expected that the system will generate even more benefits for the New Jersey Motor Vehicle Commission, residents and buyers of vehicles, and businesses that sell, finance, and insure vehicles across the state.

“We are proud to partner with the Motor Vehicle Commission as they work to bring innovative technology and digital services to New Jersey motorists and businesses,” said Michael LeBlanc, general manager for Tyler’s New Jersey-based team. “The benefits have been impactful in other states, and we are excited for the opportunity to bring those benefits to the residents and businesses of New Jersey.”

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) is a leading provider of integrated software and technology services for the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 44,000 successful installations across 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including on Government Technology’s GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.

About Champ Titles, Inc.

Champ Titles builds technology for government to solve the problems their constituents have with title and registration. Those constituents include vehicle retailers, vehicle wholesalers, insurance carriers, fleet operators, all of the service providers that serve each of these industry verticals, and consumers. Founded in 2018, Champ replaces state DMV title and registration systems with its intuitive software and enables the constituents of government to reduce the amount of time it takes to create, manage, and transfer a vehicle title and registration. To learn more about Champ, please visit www.champtitles.com.

#TYL_Financial

Fonte: Business Wire

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