Financial Resources Federal Credit Union (Financial Resources FCU) today announced it is using Wolters Kluwer Financial Servicesâ ComplianceOneÂ® solution to help document its Member Business Lending (MBL) transactions quickly, accurately and in compliance with federal and state regulations. The credit union chose to become one of more than 1,200 financial institutions using ComplianceOne as a result of an extensive due diligence process.
According to Marc Sovelove, senior vice president of Lending for Financial Resources FCU, the credit union selected Wolters Kluwer Financial Services and its ComplianceOne solution after evaluating several potential providers and knowing that their manual process was not working for them.
âIt came down to trust,â said Sovelove. âI trust that Wolters Kluwer Financial Services knows my business, its needs and how their solutions can help us. They told us ComplianceOne would be the easiest solution to learn and use and the most cost effective in our situation versus anything else, and they were right.â
Sovelove said ComplianceOne helps the credit union automatically select and complete all of the documents needed to be compliant with each specific commercial lending transaction and for each jurisdiction. ComplianceOne also seamlessly and efficiently integrates with the credit unionâs Experian Baker Hill application system and FiServ core processing system.
âThatâs important because purchasing technology for technologyâs sake is ridiculous,â said Sovelove. âA bank isnât like some teenager looking to buy the latest smartphone. It needs something that is going to do everything it needs quickly, affordably and in a way thatâs compatible with its existing systems and people. ComplianceOne does all of this.â
ComplianceOne is a single, integrated documentation solution that makes managing compliance with loan and deposit account transactions faster and more efficient. The solution connects the major areas of a financial institutionâs business to its core processor through one, easy-to-manage user interface. ComplianceOne is built upon the trusted compliance knowledge and experience behind Wolters Kluwer Financial Servicesâ Bankers Systems brand. And the solution offers institutions integrated access to many of Wolters Kluwer Financial Servicesâ Wiz compliance analytics tools.