Research and advisory firm Celent has honored Wolters Kluwer Compliance Solutions with a 2020 XCelent Award for Depth of Client Service in recognizing the company’s financial crime control offering, OneSumX for Customer Due Diligence (CDD). The recognition appears in Celent’s new report, Know Your Customer Systems: 2020 xCelent Awards, Powered by VendorMatch, which profiles in-depth 14 leading solutions providers that offer “Know Your Customer” (KYC) functionality for financial institutions.
OneSumX CDD is a key component of Wolters Kluwer Compliance Solutions’ Financial Crime & Control (FCC) suite of products. The SaaS-based solution provides users a secure platform to create customer information profiles and KYC risk scoring when onboarding new customers in compliance with Bank Secrecy Act requirements and USA PATRIOT Act regulations. Commercial banks use the system for retail banking, corporate banking, investment banking/brokerage, asset management and insurance.
“Know Your Customer management is attracting ever-increasing scrutiny from regulators and has become one of the most complex operational areas in anti-money laundering compliance,” wrote Neil Katkov, Head of Risk and Compliance for Celent, in the report. “The caseload and workforce challenges brought on by COVID-19 have only exacerbated this key pain point for financial institutions. Wolters Kluwer’s clients rated OneSumX CDD functionality highly in addressing these KYC needs, with clients particularly drawn to customer review features the offering provides.”
“Changing market conditions, including increased regulatory audits on CDD programs and an emphasis around new Beneficial Ownership requirements, are significantly driving institutions’ need to ensure they have sound customer verification capabilities,” said Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “We are pleased that Celent’s analysis has rated OneSumX CDD so highly, particularly in calling out its depth of customer service functionality.”
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 division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
About Wolters Kluwer Governance, Risk & Compliance
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. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].