Get instant notifications when there is news about your stocks. Request your weeklong free trial to StreetInsider Premium here.
Technology makes it easy to stimulate small businesses through PPP loan applications
MINNEAPOLIS – (BUSINESS WIRE) –
Community bank, based in Joseph, Oregon, has chosen Wolters Kluwer Compliance Solutions’ Paycheck Protection Program powered by TSoftPlus ™ to expedite Paycheck Protection Program (PPP) loan applications for its small business customers.
For more than 20 years, Wolters Kluwer’s TSoftPlus technology has helped lenders provide Small Business Administration (SBA) loans to their customers. However, the Covid-19 pandemic and the resulting stimulus package of the CARES Act in early 2020 required extensive changes to the software to make it easier for affected small businesses to access this important funding. In April 2020, Wolters Kluwer launched an expanded TSoftPlus offering to meet PPP requirements and with the recent acquisition of eOriginal, now offers a digital credit platform that enables the electronic signature of the SBA and the retention requirements for digital credits.
Together, Wolters Kluwer and eOriginal technology enabled nearly 500 SBA lenders in the early rounds of the PPP program, ensured a contactless borrower experience, and helped small businesses save more than 10 million US jobs.
“We were already familiar with Wolters Kluwer’s extensive regulatory compliance and financial technology capabilities through the use of his CRA Wiz® Solution that helps us meet our community reinvestment obligations, ”said Tom Moran, President and CEO of Community Bank. “You have proven to be a trustworthy partner. And this close relationship will continue with the introduction of TSoftPlus, a system that works smoothly and really supports our PPP process in a number of different areas. ”
Lenders who use TSoftPlus to provide PPP loans by accessing Wolters Kluwer’s online application tool will see greater than 30 percent efficiency gains. This productivity gain is on top of the 20x increase in lender workflow efficiency achieved by using TSoftPlus PPP instead of manual processing.
“We are grateful for the opportunity to support lenders like Community Bank with our TSoftPlus offering to support road companies Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “The TSoftPlus functionality offers an attractive, reliable alternative to applying directly via the SBA system using manual loan applications. With this technology, we are making a substantial and meaningful contribution to helping lenders and their small business customers cope with this difficult time. ”
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to US banks and credit unions, insurers and investment firms. The company, which is part of the Governance, Risk & Compliance (GRC) division of Wolters Kluwer, helps these financial institutions to efficiently manage risk and regulatory compliance obligations and to gain the necessary insights in order to focus on better service for their customers and focus on growing their business.
Wolters Kluwer’s GRC division offers a range of expert solutions to help US financial institutions cope with regulatory and risk-related obligations. Compliance Solutions’ OneSumX® for regulatory change management helps financial institutions more effectively manage the significant volume, scope, and breadth of changing laws and regulations that affect their businesses. Wolters Kluwer Lien Solutions’ iLien motor vehicle Solution provides vehicle title and liens processing and management, helping solve the most unique and complex title perfection challenges. In addition, the CT Corporation Covid-19 resource center provides corporations and law firms with timely international, state, and state legislative updates.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and achieve better business results. GRC offers a portfolio of technology-enabled expert services and solutions with a focus on legal entity compliance, legal operations management, banking product compliance and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a leading global provider of information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer achieved an annual turnover of 4.6 billion euros in 2020. The company, headquartered in Alphen aan den Rijn, Netherlands, serves customers in over 180 countries, has offices in over 40 countries and employs 19,000 people worldwide.
Director of Global Corporate Communications
Governance, Risk & Compliance Department
Office +44 20 3197 6586
Manager for corporate communications, banking & regulatory compliance
Governance, Risk & Compliance Department
Tel: +1 612-852-7966
Source: Wolters Kluwer