Wolters Kluwer enhances award-winning TSoftPlus end-to-end user experience for latest PPP funding
In anticipation of the new U.S. fiscal stimulus package, which provides $284.5 billion in additional Paycheck Protection Program (PPP) stimulus funding, Wolters Kluwer Compliance Solutions has further enhanced its award-winning Paycheck Protection Program Supported by TSoftPlus™ software to expedite Small Business Administration (SBA) loan applications. And thanks to its recently announced and widely reported acquisition of eOriginal, Wolters Kluwer Compliance Solutions is also able to offer a digital loan platform that enables compliance with SBA Appendix 8 mandates for digital loans.
In a statement the company said that “these complementary solutions allow lenders to navigate the intricacies of PPP. Benefits include accelerated PPP lending from application, to closing, to pledging to the Federal Reserve under the Borrower-in-Custody program by eliminating the manual post-closing activities that have presented an unanticipated challenge for the industry.”
The upgraded TSoftPlus software is understood to feature SaaS workflow functionality and is designed to help main street lenders support the anticipated flood of new PPP loan applications to help small businesses manage the negative impacts of the Covid-19 pandemic. In another development, Wolters Kluwer has integrated its award-winning Online Applications technology to integrate borrowers’ online loan applications directly into the TSoftPlus platform, reducing duplicative manual entry of loan applicant information, while further digitizing the process end-to-end, from origination through the forgiveness phase.
Notably, TSoftPlus also includes combined and complementary capabilities with eOriginal’s digital lending platform to simplify the SBA PPP program for lenders in three key ways. This includes the ability for SBA lenders to execute an end-to-end workflow for PPP loans digitally. The solution also enables lenders to meet the SBA’s mandatory compliance requirements for digital loan signature and storage. Finally, lenders can apply standards that align to Borrower-in-Custody requirements for their Federal Reserve Banks, streamlining the pledging process to free up capital.
The enhanced TSoftPlus solution, meanwhile, provides additional functionality for online applications, e-signature, digital asset certainty, closing documents and electronic submission to the SBA. It also provides active monitoring and updating of SBA forms and criteria, transaction status reporting, full forgiveness processing and the ability to electronically pledge loans to the Federal Reserve. Collectively, Wolters Kluwer and eOriginal have enabled almost 500 SBA lenders in the initial rounds of the PPP program, ensuring a contactless borrower experience and, in the process, helped those small businesses save more than two million U.S. workers’ jobs.
“Speed, ease of use, and the ability for lenders to document their applications proved to be critical components during the first two phases of PPP. The improvements we have incorporated into our TSoftPlus tool, combined with eOriginal’s complementary digital lending platform, will further advance those capabilities while easing the demand on human capital. Ultimately, we are enabling main street lenders to more effectively help their PPP customers access this new round of funding, helping them to navigate the various intricacies of the program,” said Steven Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “The acquisition of eOriginal’s proven platform uniquely provides lenders with complete Digital Asset Certainty in the PPP process, including all SBA requirements to remain an approved participant in the program.”
TSoftPlus and eOrginal users benefit from rapid deployment enabling them to meet the urgent needs of small businesses in their local communities. eOriginal has dedicated web resources for PPP and more information about the TSoftPlus solution, which includes free training and webinars with Wolters Kluwer’s compliance experts, is available on the dedicated webpage for Paycheck Protection Program Supported by TSoftPlus.
As part of its ongoing efforts to share its PPP expertise, Wolters Kluwer is presenting a dedicated webinar to provide an expert overview on the new law amending PP, along with an overview on Wolters Kluwer’s TSoftPlus technology. The webinar, Round 3 of Paycheck Protection Program (PPP) supported by TSoftPlus, will be held on Wednesday, January 6 from 3:00 to 4 p.m. EST
Wolters Kluwer Compliance Solutions bills itself as “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 (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Independent analyst firms are noting the ability of TSoftPlus to provide important access to industry insights during the pandemic. Steven D’Alfonso, Research Director with IDC Financial Insights, notes that beyond lenders’ use of TSoftPlus to facilitate PPP loan and loan forgiveness applications, the process may provide a trove of new insights into customer priorities and preferences, ultimately benefitting small businesses in communities across the country.
“After witnessing a demonstration of TSoftPlus functionality, it would appear that, thanks to the data generated by the PPP loan process, lenders will now be in a better position to truly understand their customers’ needs. Essentially, they will be able to enhance existing banking products or develop new offerings for customer benefit,” said D’Alfonso. “The close collaboration required between borrowers and lenders to meet PPP requirements may have an important side benefit in helping deepen and strengthen customer relationships, helping engender mutual trust for the long term.”
TSoftPlus PPP is one of several expert solutions launched by Wolters Kluwer’s GRC division in response to the COVID-19 crisis, including the Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, which conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division’s CT Corporation business has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.
Late last year Corporate Vision magazine named TSoftPlus its “Best Covid-19 Financial Technology Response Solution” in its hotly contested Global Business Awards.