Wolters Kluwer and NYDIG collaborate to bolster financial institutions’ bitcoin programs
By Edlyn Cardoza
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.
Recently, IBS Intelligence reported that MVB Bank, Inc., a wholly owned subsidiary of MVB Financial Corp. and Victor Technologies, Inc., a wholly owned subsidiary of MVB Edge Ventures, Inc., recently announced a partnership with NYDIG, a technology and financial services firm dedicated to Bitcoin, to integrate Bitcoin into MVB’s industry-leading Banking-as-a-Service (BaaS) solutions.
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