Israel Discount Bank chooses Wolters Kluwer’s Compliant E-Forms Package

By Pavithra R

Israel Discount Bank of New York (IDB Bank) has announced choosing Wolters Kluwer Compliance Solutions’ Deposit E-Forms Module (DEMx) Expansion Pack to help streamline and enhance the management of its document disclosure practices.

Providing disclosures is a required and critical function of U.S. banks and credit unions (CUs) as part of the account opening and servicing process. Wolters Kluwer DEMx offering enables FIs to streamline their documentation processes, ensure compliance with regulatory requirements, maximize internal resources, and reduce turnaround times.

“Given a constantly changing regulatory environment, and the importance of maintaining compliant disclosure forms, we recognized a need to introduce a more robust document disclosure system into our banking platform. Wolters Kluwer’s DEMx offering provides the necessary monitoring, updating and warranty essential for maintaining electronic, compliant disclosure forms, allowing IDB Bank to focus on other critical components of providing our customers an enhanced banking experience,” said Dave Smithers, Executive Vice President, Chief Information Officer and Chief Operations Officer, IDB Bank. 

The DEMx Expansion Pack enables banking institutions to tailor disclosures to specific policies and offer them in different channels and jurisdictions, providing consistent disclosure language and delivery methods. They are available in various technology formats to meet financial institutions’ platform system requirements.

“Regulators require financial institutions to maintain disclosures that are consistent, comply with current regulations and are easy for consumers to understand. These customized forms allow banks and credit unions to meet these goals, while giving their customers the technology and formats that they want in an increasingly digital banking world,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions.

Wolters Kluwer Compliance Solutions, a part of Wolters Kluwer’s Governance, Risk & Compliance division, is a trusted provider of risk management, regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms. The company helps FIs manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk, compliance and regulatory obligations, and gain insights to serve customers and grow their business.