Wolters Kluwer Financial Services is rolling out TILA-RESPA focused compliance and workflow solutions, offering live demos of the product for potential clients to deal with the regulatory rules that go into effect industry wide on Aug. 1, 2015.
“We are working with institutions of all sizes, from small community banks to global financial organizations, in delivering total end-to-end solutions that will ensure business continuation through these disruptive changes, ” said Lisa Fraga, vice president and general manager of Banking Solutions at Wolters Kluwer Financial Services. “At this point, lenders should expect to see a working demonstration of their software providers’ capabilities in order to be on track to have processes and systems in place to commence with necessary testing by May 1, 2015.
Wolters Kluwer Financial Services offers leading technology, from dynamic, cloud-hosted solutions (SaaS) to content engines that can be embedded within existing software solutions to help financial institutions of all sizes meet the new regulatory requirements. The company’s consulting and professional services are designed to further close the gap and provide the comprehensive approach organizations need, given the heavy internal operational burden imposed by the TILA-RESPA changes.
Regulatory experts with the company have identified over 400 changes stemming from the TILA-RESPA requirements that fundamentally impact core banking documents, processes, policies and procedures. Lending institutions will be critically dependent on their software providers to deliver guidance on implementation and technology that affords them seamless compliance and softens this regulatory burden.
“Beyond the technology integration, lenders face significant challenges on a variety of fronts from internal training requirements to maintaining operational quality,” said Kris Stewart, principal regulatory consultant and senior manager with the company. “A proactive approach is critical for the best chance of success in meeting aggressive implementation needs.”