Community Bank chooses Wolters Kluwer’s TSoftPlus offer
MINNEAPOLIS – (COMMERCIAL THREAD) –Community bank, based in Joseph, Oregon, selected Wolters Kluwer Compliance Solutions’ Paycheque Protection Program Supported by TSoftPlus ™ to help expedite Paycheck Protection Program (P3) loan applications for its small business clients.
For more than 20 years, Wolters Kluwer’s TSoftPlus technology has helped lenders make Small Business Administration (SBA) lending easier for their clients. However, the Covid-19 pandemic and the resulting CARES Act stimulus program in early 2020 required major software changes to help affected small business customers access this vital funding. In April 2020, Wolters Kluwer launched an enhanced TSoftPlus offering to meet PPP requirements and, with its recent acquisition of eOriginal, now offers a digital lending platform that enables SBA electronic signature and record retention mandates for digital lending.
Collectively, Wolters Kluwer and eOriginal technology enabled nearly 500 SBA lenders in the early rounds of the PPP program, ensuring a contactless borrowing experience and, in so doing, helping small businesses save more than 10 million jobs. of American workers.
“We were already familiar with Wolters Kluwer’s extensive regulatory and financial technology compliance capabilities through our use of his CRA Wiz® solution, which helps us manage our community reinvestment obligations, ”said Tom Moran, President and CEO, Community Bank. “They have proven to be a trusted partner. And that strong relationship continues with our adoption of TSoftPlus, a system that works flawlessly and really helps our PPP process in a number of different areas.
Lenders who use TSoftPlus for PPP loan origination by accessing Wolters Kluwer’s online application tool will experience an efficiency gain of over 30%. This productivity gain is in addition to the 20-fold increase in lenders’ workflow efficiency when using TSoftPlus PPP instead of manual processing.
“We are grateful for the opportunity to help lenders like Community Bank support Main Street businesses through our TSoftPlus offering, which has played a key role in enabling lenders to help their clients navigate the complexities. of the PPP loan application and forgiveness process, “said Steven meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “The TSoftPlus functionality provided an attractive and reliable alternative to direct request through the SBA system via manual loan requests. With this technology, we are making a substantial and significant contribution to helping lenders and their small business clients get through this difficult time. ”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The company, which is part of the Governance, Risk and Compliance (GRC) division of Wolters Kluwer, helps these financial institutions effectively manage the risks and regulatory compliance obligations, and obtain the information needed to better serve their customers and develop their activity.
Wolters Kluwer’s GRC division offers a range of expert solutions to help US financial institutions manage regulatory obligations and risks. Compliance Solutions ” OneSumX® for Regulatory Change Management helps financial institutions more effectively manage the sheer volume, scope and extent of changing laws and regulations affecting their businesses. Wolters Kluwer Lien Solutions’ ILien motor vehicle The solution provides for the processing and management of motor vehicle titles and privileges, helping to solve the most unique and complicated title perfection challenges. In addition, CT Corporation Covid-19 Resource Center provides businesses and law firms with timely international, federal and state legislative updates.
About Wolters Kluwer Governance, risk and compliance
Governance, Risks & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of technology expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the healthcare, tax and accounting, risk and compliance, finance and legal industries. Wolters Kluwer achieved 2020 annual sales of 4.6 billion euros. The company, headquartered in Alphen aan den Rijn, The Netherlands, serves customers in more than 180 countries, maintains operations in more than 40 countries and employs 19,000 people worldwide.