Wolters Kluwer and Summit Technology Group collaborate to power end-to-end lending solution

Rhea-AI Summary

Wolters Kluwer Compliance Solutions and Summit Technology Group (STG) are collaborating to enhance compliance in lending documents and workflows for STG customers. This partnership positions Wolters Kluwer as the exclusive preferred vendor for STG’s Lenders Cooperative platform, utilizing its Expere® technology to automate compliant loan documentation. The integration aims to streamline the end-to-end document creation process, boosting regulatory compliance for financial institutions. This strategic alliance will benefit over 200 community banks and credit unions, reinforcing STG's commitment to modernizing financial services.

Positive

• Collaboration enhances compliant lending documents and workflows.
• Exclusive preferred vendor for STG's Lenders Cooperative platform.
• Automated compliant loan documentation streamlines processes.
• Supports over 200 community banks and credit unions.

Negative

• None.

Product integration helps assure compliant banking disclosures, commercial lending transactions

MINNEAPOLIS--(BUSINESS WIRE)-- Wolters Kluwer Compliance Solutions and Summit Technology Group (STG), a leading provider of lending solutions to community banks and credit unions, are collaborating to enhance compliant lending documents and workflows for STG customers. Wolters Kluwer is now an exclusive preferred vendor partner, helping power STG’s Lenders Cooperative platform through Wolters Kluwer’s authoritative Expere® technology. This capability automates the creation of commercial and SBA-compliant loan documents to support STG’s regulatory compliance obligations and provide a seamless solution for STG customers.

STG’s lending solutions and Wolters Kluwer’s Expere offering together enable financial institutions to automate an end-to-end document creation process, including the ability to generate, electronically sign, notarize, and electronically record in participating jurisdictions across the United States.

“We are excited to work with a growing firm like STG to help support their innovation 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. Our Expere technology is integral to that objective. Financial institutions working with STG and its Lenders Cooperative platform will benefit from this collaboration, providing them the confidence to know that their disclosures are compliant and meet regulatory obligations.”

Expere® is a centralized compliance document system that seamlessly serves multiple lines of business and channels, providing a complete set of tools for creating, managing, integrating, testing and deploying documents. Its dynamic content enhances lenders’ document management libraries, consolidating custom documents with shared language into a single dynamic document with rules to support the generation of unique differences. This capability leaves fewer documents to manage overall—and the ability for lenders to change and test common content across multiple static forms just once.

“By leveraging STG’s Lenders Cooperative Platform with Wolters Kluwer compliant content, our banks and credit unions can maintain confidence in automating their lending flow and improving the end-to-end borrower experience,” said Ben Wallace, Chief Executive Officer of STG. “No longer will our clients need to depend on legacy document generation technology that requires manual manipulation and may not cleanly map into downstream systems. This technology is critical for our financial institution clients looking to scale and support their business customers.”

Summit Technology Group (STG), whose investors have included the American Bankers Association, is focused on helping community and regional financial institutions modernize their lending solutions and internal workflow processes. STG supports over 200 community institutions in their efforts to modernize delivery of financial services.

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. insurers, banks and credit unions, 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’ eOriginal® suite of purpose-built, digital lending solutions, for example, helps lenders digitize their transactions and features electronic signatures, collateral authentication and an electronic vault. Compliance Solutions’ 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 (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2020 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,200 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220207005031/en/

Media Contacts for Wolters Kluwer GRC

(Including Wolters Kluwer Compliance Solutions; Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)

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

Source: Wolters Kluwer

FAQ

What is the significance of the partnership between WTKWY and Summit Technology Group?

The partnership enhances compliance in lending documents and workflows for STG customers.

What technology is used in the collaboration between WTKWY and STG?

Wolters Kluwer's Expere® technology is utilized to automate compliant loan documentation.

How many institutions does STG support with its lending solutions?

STG supports over 200 community banks and credit unions.

What benefits does the collaboration provide to financial institutions?

It streamlines the end-to-end document creation process, boosting regulatory compliance.