Wolters Kluwer’s Compliance Solutions business has launched CASH Tax Importer™ to its CASH Suite solutions set, helping commercial lenders safeguard and speed the entry of accurate tax return data used in underwriting commercial loans. Used in conjunction with Wolters Kluwer’s CASH Insight™ module, the new module eliminates the manual, time-consuming task of entering data from a prospective borrower’s tax returns and tax schedules, allowing lenders to instead focus resources on the in-depth analysis of that data for underwriting.
Leveraging optical character recognition (OCR) technology to extract and import the information from borrowers’ tax returns, CASH Tax Importer differentiates itself from competing, automated data entry systems in that it also uses human validation of all entered data to help ensure that correct, complete tax information is captured.
“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,” says Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer’s Compliance Solutions business. “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.”
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.
Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of regulatory compliance solutions and services to more than 2,000 U.S. banks and credit unions. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, 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 2018 annual revenues of €4.3 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.