Oconee Federal Savings and Loan has picked Wolters Kluwer to help streamline its current lending processes.
In a bid to position itself for further growth, the bank is to leverage Wolters Kluwer’s ComplianceOne solution. It will use the fully automated system to make assumption lending faster while still ensuring compliance and minimizing the risk of manual error.
“As we look at the lending climate ahead, it became clear that we needed to strengthen our loan origination system,” said C. Todd Latiff, executive vice president and chief banking officer.
“We interviewed several vendors and were impressed by ComplianceOne’s ability to streamline our origination process. The system is user friendly and will allow us to easily convert to ComplianceOne. We are excited to have Wolters Kluwer as a partner.”
Oconee Federal Savings and Loan is wholly-owned subsidiary of Oconee Federal Financial, for its commercial and consumer lending businesses. Oconee Federal, headquartered in Seneca, South Carolina, is a community-oriented financial institution with approximately $485m in assets.
Wolters Kluwer’s origination and workflow solution aims to make managing compliance with loan and deposit transactions faster and more efficient. It connects the major areas of a lender’s business operations to its core processor through one, simplified user interface, according to Wolters Kluwer.
“We anticipate that Oconee will experience notable enhancements in the speed and efficiencies of its loan and deposit processing, while improving its overall compliance risk management using ComplianceOne technology,” said Samir Agarwal, vice president, Wolters Kluwer GRC Banking Solutions. “We welcome Oconee as part of a growing base of financial institutions leveraging the benefits that financial technologies can bring to banking.”
r(GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with 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.
S&P Global Market Intelligence recently partnered with Wolters Kluwer to provide an end-to-end Current Expected Credit Losses (CECL) solution. The company has leveraged its OneSumX CECL solution, which enables compliance with all CECL requirements, from data management and governance, to credit risk models, expected credit loss calculations, accounting and disclosures.
Bank of Beirut also recently tapped Wolters Kluwer to manage International Financial Reporting Standard (IFRS) 9. The bank said it has implemented the RegTech’s OneSumX to comply with the regulation, which accounting standard replaces the IAS 39 standard and came into effect at the start of the year. It addresses classification and measurement, impairment methodology and hedge accounting.
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