Research and advisory firm Celent has honored Wolters Kluwer Compliance Solutions with a 2020 XCelent Award for Depth of Client Service in recognizing the company’s financial crime control offering, OneSumX for Customer Due Diligence (CDD). The recognition appears in Celent’s new report, Know Your Customer Systems: 2020 xCelent Awards, Powered by VendorMatch, which profiles in-depth 14 leading solutions providers that offer “Know Your Customer” (KYC) functionality for financial institutions.
OneSumX CDD is a key component of Wolters Kluwer Compliance Solutions’ Financial Crime & Control (FCC) suite of products. The SaaS-based solution provides users a secure platform to create customer information profiles and KYC risk scoring when onboarding new customers in compliance with Bank Secrecy Act requirements and USA PATRIOT Act regulations. Commercial banks use the system for retail banking, corporate banking, investment banking/brokerage, asset management and insurance.
“Know Your Customer management is attracting ever-increasing scrutiny from regulators and has become one of the most complex operational areas in anti-money laundering compliance,” wrote Neil Katkov, Head of Risk and Compliance for Celent, in the report. “The caseload and workforce challenges brought on by COVID-19 have only exacerbated this key pain point for financial institutions. Wolters Kluwer’s clients rated OneSumX CDD functionality highly in addressing these KYC needs, with clients particularly drawn to customer review features the offering provides.”
“Changing market conditions, including increased regulatory audits on CDD programs and an emphasis around new Beneficial Ownership requirements, are significantly driving institutions’ need to ensure they have sound customer verification capabilities,” said Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “We are pleased that Celent’s analysis has rated OneSumX CDD so highly, particularly in calling out its depth of customer service functionality.”
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 Governance, Risk & Compliance 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.