" class="no-js "lang="en-US"> Wolters Kluwer Lien Solutions Earns Two Stevie Awards; Continues to Innovate in Response to Covid-19 - Fintech Finance
Thursday, March 28, 2024

Wolters Kluwer Lien Solutions Earns Two Stevie Awards; Continues to Innovate in Response to Covid-19

 Wolters Kluwer’s Lien Solutions business has been named a winner of the prestigious 2020 American Business Awards, winning accolades for two solutions that help lenders more effectively manage their loan portfolios—iLien Manage and Portfolio Sync.

“Today’s challenging environment, created by the Covid-19 pandemic, serves as a useful backdrop for understanding the value of product innovation and resulting industry recognitions,” Lien Solutions executives say. “Plummeting employment and other economic indicators pose significant credit loss impacts for lenders’ loan portfolios—including loan delinquencies, defaults and foreclosures.” Consequently, lenders are rethinking the criteria and thresholds by which they determine when to file liens, and how to manage escalating risks. Sound portfolio risk management involves having a high level of visibility into one’s entire lien portfolio and, where necessary, making adjustments to past filings to further mitigate potential future losses.

According to a company statement, iLien Manage is an “out-of-the-box” solution for lenders with a comprehensive set of do-it-yourself reporting and automation capabilities. It earned a Silver Award in the “Best FinTech Solution” category. The product’s scalable architecture allows lenders to handle large amounts of data, and its framework generates custom reports based on customer-specific requests. iLien Manage is unique in the industry in that it provides complete information and analytics on a lien portfolio while at the same time allowing customers to automate and streamline key activities to maintain the liens.

Portfolio Sync, meanwhile, is a first-of-its-kind solution designed for lenders who use multiple methods of submitting Uniform Commercial Code (UCC) filings. Those methods often include law firms, title companies, secretary of state offices, and third-party providers. But this fragmented approach makes it extremely difficult for lenders to maintain an accurate, holistic view of filings and analyze their overall loan portfolio health, much less take corrective actions if needed. The solution can be used with other Manage solutions so clients can maintain their total lien portfolio from one place. Portfolio Sync was a Bronze Award winner in the Financial Services category.

“During uncertain times like these, the ability to effectively monitor and manage a diverse lien portfolio that has been originated through multiple channels becomes all the more critical for today’s lender,” said Raja Sengupta, Executive Vice President and General Manager of Wolters Kluwer’s Lien Solutions. “Such capabilities help our customers mitigate loan losses and, as loss rates increase, better manage a volatile credit risk cycle. These awards are concrete validation of the value our technology innovations are bringing to lenders, helping compliantly and efficiently manage the many dynamic, moving parts of their lien portfolios.”

Sengupta added that Lien Solutions’ use of the latest technologies augment its market-leading domain expertise. “Innovative products such as those honored in this year’s Stevie Awards help lenders navigate a complex, challenging economic environment, ultimately helping to enhance their overall operations.”

COVID 19 Innovations

Wolters Kluwer recently proved its industry leadership through its client centric response to the ongoing Covi-19 pandemic, responding to urgent client needs and establishing a technology solution specifically designed to help U.S. lenders navigate the influx of business loan applications, and associated compliance and risk mitigation requirements, resulting from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The Business Entity Search for CARES Act solution “conducts bulk/batch corporate identity searches to verify the business status of potential borrowers,” the company says. The report can be updated multiple times a day and can scale to high levels of loan applications in the coming weeks.

As previously reported, the CARES Act is a coronavirus response bill from the U.S. government intended to mitigate the effects of COVID-19 on the economy. With approximately hundreds of billions of dollars earmarked for small businesses via the Paycheck Protection Program, administered by the Small Business Administration (SBA), banks have reported hunreds of thousands of commercial loan applications, each requiring specific due diligence to determine whether the borrower meets loan guidelines outlined under the CARES Act.

“The Business Entity Search for CARES Act solution allows lenders to outsource complex manual processes at high volume to help them service the rapid increase in applications and maximize their opportunity to lend to businesses that need relief,” Wolters Kluwer explained in a statement. “In addition to offering this solution to meet client requirements, the company is regularly updating lenders about state, county, and department of motor vehicle service interruptions on its dedicated COVID-19 Jurisdictional Update webpage.”

“Our financial institution clients need to vet borrowers and deliver loans that will keep businesses afloat during this unprecedented situation, and we are on hand to support them,”  Sengupta added. “The Business Entity Search for CARES Act solution helps streamline the process to access CARES Act funds and keep our economy moving. We are pleased to be able to respond to vital market needs by providing this solution, which also helps ensure the necessary compliance and risk mitigation measures.”

Industry Recognition

Back on the awards front, Wolters Kluwer Lien Solutions’ leading position has been recognized by a number of independent organizations in the past year, with the company winning a record 14 industry accolades in 2019. In February this year the company announced it had won four major accolades from Finance Monthly magazine. The awards, all decided by an independent editorial panel, recognize the company’s leadership, as well as its leading technology solutions. Finance Monthly is a global publication from the Universal Media stable, providing news, comment and analysis, distributed to more than 195,000 people each month.

Raja Sengupta was named as one of the publication’s Game Changers for 2020. According to Finance Monthly’s editors, recipients of these awards help “to shape and transform the corporate landscape…a Game Changer introduces new ways of working and new methodologies that can revolutionize business and transform the customer experience.”

Meanwhile, Suzanne Konstance, Vice President of Product Management and Marketing for Wolters Kluwer Lien Solutions, was  honored with inclusion in the magazine’s Women in Finance Awards series. “The finance experts which feature in this year’s edition of the Finance Monthly Women in Finance Awards are women who consistently go above and beyond of what is expected of them, despite the challenges which the industry poses,” the magazine notes.

Finance Monthly also recognized the product superiority of the company’s technology solutions. Both iLien Motor Vehicle and Portfolio Sync have been named “Product of the Year” in the magazine’s hotly contested FinTech Awards, 2020.

Wolters Kluwer Lien Solutions, part of the company’s GRC division, describes itself as “the leading technology and service provider of comprehensive lien management, debtor due diligence, monitoring, and risk management solutions to financial professionals.” The iLien suite of products addresses solutions for asset-backed loans, real-estate, and vehicle title processing and management to help simplify complexity in lien lifecycle management, resulting in more confident lending decision.

Wolters Kluwer’s GRC division is leveraging its product innovation and domain expertise in other ways to help the financial services industry respond to the COVID-19 pandemic. Its Compliance Solutions business offers Paycheck Protection Program Supported by TSoftPlus™, for example, to support stimulus loan applications and loan forgiveness processes under the U.S. CARES Act.

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