Wolters Kluwer announces enhancements on its PPP solution, TSoftPlus
By Pavithra R
Wolters Kluwer’s Compliance Solutions business has announced enhancing its Paycheck Protection Program Supported by TSoftPlus software to expedite Small Business Administration (SBA) loan applications.
The announcement came in the wake of anticipated recently announced U.S. fiscal stimulus package, which provides $284.5 bn in additional Paycheck Protection Program (PPP) stimulus funding. The firm is leveraging its acquisition of eOriginal, to offer a digital loan platform that enables compliance with SBA Appendix 8 mandates for digital loans.
These complementary solutions allow lenders to navigate the intricacies of PPP. Benefits include accelerated PPP lending from the period of application, to closing, to pledging to the Federal Reserve under the Borrower-in-Custody program by eliminating the manual post closing activities.
The enhanced TSoftPlus software features SaaS workflow functionality and is built to help lenders support the anticipated flood of new PPP loan applications to help SMBs manage the negative impacts of the COVID-19 pandemic. Wolters Kluwer has integrated its Online Applications technology to integrate borrowers’ online loan applications directly into the TSoftPlus platform, reducing the duplicative manual entry of loan applicant information, while further digitizing the process end-to-end, from origination through the forgiveness phase.
Additionally, TSoftPlus also includes combined and complementary capabilities with eOriginal’s digital lending platform to simplify the SBA PPP program for lenders in 3 key ways. This includes the ability for SBA lenders to execute an end-to-end workflow for PPP loans digitally. The solution also helps lenders to meet the SBA’s mandatory compliance requirements for digital loan signature and storage. Finally, lenders can apply standards that align to Borrower-in-Custody requirements for their Federal Reserve Banks, streamlining the pledging process to free up capital.
“Speed, ease of use, and the ability for lenders to document their applications proved to be critical components during the first two phases of PPP. The improvements we have incorporated into our TSoftPlus tool, combined with eOriginal’s complementary digital lending platform, will further advance those capabilities while easing the demand on human capital. Ultimately, we are enabling main street lenders to more effectively help their PPP customers access this new round of funding, helping them to navigate the various intricacies of the program. The acquisition of eOriginal’s proven platform uniquely provides lenders with complete Digital Asset Certainty in the PPP process, including all SBA requirements to remain an approved participant in the program,” said Steven Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions.
The enhanced TSoftPlus solution, provides additional functionality for online applications, digital asset certainty, closing documents, e-signature, and electronic submission to the SBA. It also provides active monitoring and updating of SBA forms and criteria, full forgiveness processing, transaction status reporting, and the ability to electronically pledge loans to the Federal Reserve.
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 and credit unions, insurers and securities firms. The company helps FIs to 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.
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