Wolters Kluwer, a company providing information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors, has enhanced the end-to-end user experience for the latest Paycheck Protection Program (PPP) funding va TSoftPlus software and the eOriginal platform.
Users of these “complementary” solutions may take advantage of quick software deployment and improved features to navigate through all the intricacies of PPP.
As mentioned in a blog post by Wolters Kluwer:
“In anticipation of the recently announced U.S. fiscal stimulus package, which provides $284.5 billion in additional PPP stimulus funding, Wolters Kluwer’s Compliance Solutions business has further enhanced its … Paycheck Protection Program Supported by TSoftPlus software to expedite Small Business Administration (SBA) loan applications. Thanks to its recently announced acquisition of eOriginal, Wolters Kluwer Compliance Solutions is also able to offer a digital loan platform that enables compliance with SBA Appendix 8 mandates for digital loans.”
These complementary solutions help lenders with figuring out how to process PPP applications. Benefits include “accelerated PPP lending from application, to closing, to pledging to the Federal Reserve under the Borrower-in-Custody program by eliminating the manual post-closing activities that have presented an unanticipated challenge for the industry.”
As noted in the announcement:
“The upgraded TSoftPlus software features (software-as-a-service) SaaS workflow functionality and is designed to help main street lenders support the anticipated flood of new PPP loan applications to help small businesses manage the negative impacts of the Covid-19 pandemic.”
Wolters Kluwer has integrated its Online Applications tech so it can work with borrowers’ online loan applications by adding them to the TSoftPlus platform. This helps with reducing duplicative manual entry of loan applicant details, while digitizing all key processes such as origination and the forgiveness phase.
TSoftPlus comes with combined and complementary capabilities with eOriginal’s digital lending platform to “simplify the SBA PPP program for lenders.” SBA lenders can “execute an end-to-end workflow for PPP loans digitally.” They can also use the solution to “meet the SBA’s mandatory compliance requirements for digital loan signature and storage.” Lenders can “apply standards that align to Borrower-in-Custody requirements for their Federal Reserve Banks, streamlining the pledging process to free up capital.”
The TSoftPlus solution offers additional functionality for online applications, e-signature, digital asset certainty, closing documents and electronic submission to the SBA. It also “provides active monitoring and updating of SBA forms and criteria, transaction status reporting, full forgiveness processing and the ability to electronically pledge loans to the Federal Reserve.”
Wolters Kluwer and eOriginal have enabled around 500 SBA lenders in “the initial rounds of the PPP program, ensuring a contactless borrower experience and, in the process, helped those small businesses save more than two million U.S. workers’ jobs.”
Steven Meirink, EVP and GM for Wolters Kluwer Compliance Solutions, stated:
“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.”
Meirink added:
“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.”