Wolters Kluwer’s Compliance Solutions business has launched CASH Tax Importer™ to its CASH Suite solutions set, looking to help commercial lenders safeguard and speed the entry of accurate tax return data used in underwriting commercial loans. The new module helps eliminate the manual task of entering data from a prospective borrower’s tax returns and tax schedules.
The technology behind Wolters Kluwer’s additional service is optical character recognition (OCR) which helps the data extraction process. Additionally, the product also uses human validation of all data that is entered to double check to make sure the data is correct.
Senior Vice President Steven Mierink said,“Commercial lenders face an ongoing challenge in accurately entering the considerable volume of data needed to assess a prospective borrower’s credit worthiness; for that reason, CASH Tax Importer is a game changer. Our tool eliminates tedious manual entry and helps reduce data errors, speeding the intake of critical borrower information and thereby the speed at which lenders can make lending decisions for their customers.”
Banks and other commercial lenders are the target for the product. Wolters Kluwer claims 2,000 United States based banks and credit unions as clients mostly used to cover compliance requirements.
CASH Tax Reporter and CASH Insight are part of CASH Suite™, an automated commercial lending software solution that helps business lenders increase profits and grow top-line revenue by achieving straight-through processing across every step of the commercial loan lifecycle. CASH Suite helps drive increased efficiencies and greater accuracy while reducing operational risk and enhancing profitability.
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.The company is based in Alphen can den Rijn, which is in the Netherlands.
In 20018, the company had annual revenues exceeding $5 billion, making it one of the largest players in the space. The company does not just provide the financial sector with technology solutions, but the company claims it as one of its fastest growing sectors. Wolters Kluwer boasts clients in 180 countries and has offices in 40 different countries with 19,000 employees worldwide.