Wolters Kluwer Innovates with New Banking Tech Launch to Facilitate Paycheck Protection Program

  • Banking
  • 03.04.2020 02:27 pm

Wolters Kluwer Compliance Solutions has launched a dedicated banking technology solution, utilizing its market-leading SaaS-based TSoftPlus™ software, in response to the U.S. Congressional passage of the CARES Act (Coronovirus Aid, Relief and Economic Security Act). The solution, branded as Paycheck Protection Program supported by TSoftPlus™,  is designed to help all U.S. banks and credit unions support small businesses with payroll funding during the COVID-19 crisis.

Wolters Kluwer’s TSoftPlus software provides a reliable, compliant and user-friendly platform for lenders of all sizes to participate in Small Business Administration (SBA) loan programs, including the limited-time SBA Paycheck Protection Program that is part of the CARES Act. The solution “enables banks and credit unions to process loans for small businesses with greater speed, confidence and compliance”, according to a company statement.

The solution also includes free and dedicated training as well as Wolters Kluwer support services for lenders new to the program, according to the company’s Director of Global Corporate Communications for Banking and Regulatory Compliance. The spokesman confirmed that within hours of its launch the new solution was being used by banks eager to process loans for small businesses in a “compliant and efficient manner”, sharing the dedicated webpage for Paycheck Protection Program supported by TSoftPlus.

The ability to approve and fund SBA loans quickly is critical to supporting small businesses during this unprecedented time. “Accordingly, Wolters Kluwer is offering all lenders its compliance expertise via free training sessions, a series of informative webinars, and access to its US-based customer support team to educate lenders about the SBA’s Paycheck Protection Program,” the company added in its statement. “Additionally, all lenders will now be able to promptly access the Paycheck Protection Program solution without any upfront costs, helping them to meet the urgent needs of small businesses in their local communities.” 

As way of background, the SBA’s Paycheck Protection Program is designed to support millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Under this program eligible small businesses may qualify for a loan up to $10 million determined by eight weeks of prior average payroll.  Loan payments, meanwhile, will be deferred for at least six months. If small business employers maintain their workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination.

“We are honored to help the nation’s lenders and small businesses by facilitating the faster, simplified transfer of funds that will help keep small businesses’ workforces employed during this crisis,” said Richard Flynn, CEO of Wolters Kluwer’s Governance Risk and Compliance (GRC) division. “This is a great example of the resources Wolters Kluwer is making available to help our customers, partners, and communities during this challenging time.”

Wolters Kluwer says TSoftPlus streamlines data entry so clients can easily navigate between online forms and their own client database. “It fully integrates with SBA’s authorization wizards using Microsoft Word®. Microsoft Excel® is also integrated right into the application, giving you easy access to financial analysis,” the company adds. “There’s even a built-in online loan submission and response feature that connects directly to SBA’s E-Tran solution for loan processing and servicing.”

“Through this special program, Wolters Kluwer stands ready to support the needs of small businesses that are critical to our national economy,” added Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Lenders cannot afford to overlook compliance, and so I would encourage all banks and credit unions to take advantage of this dedicated solution that combines the market-leading capabilities of TSoftPlus, our strong compliance support services, and our unparalleled commitment to serving lenders of all size.”

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 business, which sits within Wolters Kluwer’s GRC division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business. 

This is the second COVID 19 related initiative from the company this week. Yesterday, as reported here, Wolters Kluwer’s Compliance Program Management (CPM) business launched COVID-19 Noteworthy Developments Bulletins, a free and publicly available resource that aggregate COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The new resource is publicly available via Wolters Kluwer’s OneSumX for Regulatory Change Management website, allowing visitors to click on the COVID-19 updates banner to learn about new developments, regulatory compliance impacts and regulatory agency resources, the company says.

The webpage link enables visitors to sign up for email updates on COVID-19 related regulatory developments applicable to specific financial services market segments; one bulletin focuses on developments relevant to banking and securities firms around the world, the other focuses on developments specific to U.S. insurance companies.

Governance, Risk & Compliance (GRC) 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 produce better business outcomes.” GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance. 

Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

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