Wolters Kluwer and NYDIG Collaborate to Bolster Financial Institutions’ Bitcoin Programs

Rhea-AI Summary

Wolters Kluwer and NYDIG have formed a partnership, making Wolters Kluwer the exclusive preferred vendor for financial institutions needing assistance with regulatory compliance for bitcoin services. This collaboration will support U.S. banks and credit unions in delivering compliant documentation through the Bitcoin Deposit Disclosure Program, thereby helping them tap into the growing interest in bitcoin and enhance their customer offerings.

This partnership underscores the increasing focus on compliance as digital asset services expand across the financial sector.

Positive

• Wolters Kluwer becomes the exclusive preferred vendor for financial institutions regarding bitcoin compliance.
• The Bitcoin Deposit Disclosure Program supports U.S. banks and credit unions in offering compliant bitcoin services.
• Enhances non-interest income opportunities for financial institutions.

Negative

• None.

 Wolters Kluwer’s Bitcoin Deposit Disclosure Program helps foster compliant documents, practices

MINNEAPOLIS--(BUSINESS WIRE)-- Wolters Kluwer Compliance Solutions and NYDIG, a leading provider of Bitcoin platform solutions, have reached an agreement where Wolters Kluwer will serve as an exclusive preferred vendor to interested financial institutions seeking assistance in meeting their regulatory and compliance obligations while exploring and implementing services for bitcoin programs. Wolters Kluwer is positioned to provide regulatory compliance solutions and services that range from a deposit disclosure program to regulatory risk assessments for institutions looking to offer their customers access to bitcoin services provided by NYDIG.

This collaboration grants Wolters Kluwer rights as the exclusive provider of Bitcoin Deposit Disclosure Program-NYDIG Accounts of those financial institutions seeking deposit documents when their clients open a NYDIG account.

The Bitcoin Deposit Disclosure Program delivers compliant content necessary for U.S. banks and credit unions to compliantly offer NYDIG’s bitcoin program. By leveraging the NYDIG platform with Wolters Kluwer compliant content, U.S. banks and credit unions gain confidence to meet the growing mainstream interest in bitcoin to retain and grow their customer base and increase non-interest income opportunities.

“We are excited to work with an innovative financial technology firm like NYDIG to help support their growth while operating in a safe, secure and compliant manner,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “With regulatory scrutiny and oversight anticipated well into the future, our robust team of legal and compliance experts will continue to monitor and update our compliance content. Financial institutions working with NYDIG will benefit from this collaboration, providing them the confidence to know that their disclosures are compliant and meet their regulatory obligations.”

“This important relationship exemplifies why many financial institutions have chosen NYDIG as their digital assets partner. If you are a financial institution, the process of figuring out how to provide access to bitcoin is more than just an exercise in technology, but in compliance and regulations,” said Patrick Sells, NYDIG’s Chief Innovation Officer. “Wolters Kluwer’s knowledge and experience in providing regulatory risk assessments and deposit disclosures to U.S. financial institutions—and its understanding of important U.S. regulatory issues relating to digital assets—is instrumental for the industry.”

Wolters Kluwer Compliance Solutions is 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.

Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ iLien Motor Vehicle provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. Its OneSumX® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing 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.

Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,200 people worldwide.

About NYDIG
NYDIG provides Bitcoin technology and financial services solutions to banks, insurers, corporations, and institutions. The firm and its products meet the industry’s highest regulatory, audit, and governance standards. Learn more at nydig.com, or connect on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005027/en/

Media Contacts

Paul Lyon

Global Corporate Communications Director

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.feider@wolterskluwer.com

On Twitter: @davidafeider

NYDIG

Conor Shea

Edelman

Conor.shea@edelman.com

Source: Wolters Kluwer

FAQ

What is the significance of the partnership between WTKWY and NYDIG?

The partnership allows Wolters Kluwer to serve as the exclusive preferred vendor for financial institutions needing regulatory compliance assistance for bitcoin services.

What does the Bitcoin Deposit Disclosure Program offer U.S. banks?

The program provides compliant documentation necessary for banks and credit unions to offer NYDIG's bitcoin program.

How can WTKWY help financial institutions with bitcoin services?

Wolters Kluwer offers regulatory compliance solutions that enable institutions to confidently provide access to bitcoin services to their customers.

When was the partnership between WTKWY and NYDIG announced?

The partnership was announced through a press release dated October 22, 2021.