Wolters Kluwer Adds Functionality to its Paycheck Protection Program Technology Solution

 Wolters Kluwer Compliance Solutions has added a major new feature to its recently launched Paycheck Protection Program (PPP) Supported by TSoftPlus™ solution, which is designed to help banks, credit unions and other lenders support small businesses across The U.S. with payroll funding during the COVID-19 crisis.

The new feature – dubbed the Loan Application Importer – allows lenders to quickly and efficiently import their loan applications into TSoftPlus without rekeying the data, saving time and reducing errors. “This functionality makes it possible for lenders to process the backlog of hundreds or thousands of PPP loan applications they may have received, and provide urgently needed payroll funding to small businesses in communities during the COVID-19 crisis,” Paul Lyon, a company spokesperson, confirmed. “Thousands of loans have already been processed quickly and efficiently through Wolter Kluwer’s widely used technology solution, delivering vital aid for hundreds of thousands of small business employees Across the U.S.”

This timely and accurate processing is critical, due to the 10-day funding requirement lenders must meet for disbursement of PPP loans approved by the Small Business Administration (SBA), as set out by the CARES (Coronavirus Aid, Relief and Economic Security) Act.

For 20 years, TSoftPlus software has provided “a reliable, compliant platform for lenders of all sizes to participate in SBA loan programs, and it now includes support for the limited-time SBA Paycheck Protection Program that is part of the CARES Act,” the company notes in an official announcement. “The SaaS-based solution connects directly to SBA’s E-Tran portal for loan processing and servicing, enabling lenders to process loans for small businesses with greater speed, confidence and compliance. With streamlined data entry along with the new Loan Application Importer feature, TSoftPlus speeds the process of creating the loan application, promissory note, and other documentation as required by the SBA for PPP loans.”

Wolters Kluwer’s Paycheck Protection Program Supported by TSoftPlus solution, launched on April 3, has high levels of interest from lenders, with significant media reporting noting its client centric benefits and ease of use. Many lenders typically process only a few SBA loans per year, and are now receiving hundreds or thousands of applications per day due to the PPP. Since its launch, hundreds of lenders have signed up to use the scalable Wolters Kluwer’s solution, which can quickly help them eliminate their application backlogs. “Using this TSoftPlus functionality rather than the SBA site is helping some lenders achieve as much as a 20x productivity gain, enabling them to meet the needs of their small business customers,” the company claims.

Notably, lenders can access the Paycheck Protection Program solution with no upfront costs, and can be processing loans within hours after signing up to meet the urgent needs of small businesses in their local communities. “The solution also includes free training, webinars with Wolters Kluwer’s compliance experts, as well as the company’s award-winning, U.S.-based customer support services,” the company adds. More information is available on the dedicated webpage for Paycheck Protection Program Supported by TSoftPlus.

“Given the challenges that COVID-19 is presenting to employers across the country, we recognized that many lenders of all sizes are facing application interest that far exceeds their existing loan processing capacity, limiting their small business customers’ access to the CARES Act emergency funds to keep employees on the payroll,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “We are thrilled that just over a week after launching the PPP loan functionality in TSoftPlus, hundreds of banks and credit unions are relying on our technology and compliance experts to get small businesses the funding they need during this unprecedented crisis. Just as importantly, we are proud to be playing a key role in making a difference to so many small business employees.”

Wolters Kluwer Compliance Solutions describes 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 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.  

The company has enjoyed considerable success in recent years, with 30 awards to its name in 2019 alone. The GRC Division, meanwhile, continues to attract some of the brightest names in financial technology, with independent acknowledgement of its leading position plentiful. In February it announced it had won three major accolades, recognizing it as a “Great Place to Work.” The awards, all decided by independent editorial panels, celebrate Wolters Kluwer GRC as a global employer that “values it’s staff, recognizes and promotes talent from within and fosters a collaborative and high-performing culture.”

Corporate Vision magazine named Wolters Kluwer GRC The Best Place to Work for Legal and Regulatory Compliance Software. US Business News, meanwhile, named its three Banking & Regulatory Compliance businesses  as its Global Employer of the Year for Financial Technology, as has Finance Monthly magazine in its hotly contested FinTech Awards 2020.

Paycheck Protection Program Supported by TSoftPlus is one of several solutions launched by Wolters Kluwer’s GRC division in response to the COVID-19 crisis, including the COVID-19 Noteworthy Developments Bulletins, which aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.