Goldleaf Financial Solutions (NASDAQ:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, has signed a strategic agreement with Billings, Mont.-based Digital Compliance, LLC, a facilitator in the compliance and due diligence area for financial institutions and the technology vendors.
Under the partnership, Goldleaf offers Compliance Access, which enables financial institutions to get complete, up-to-date compliance and due diligence documentation 24-hours-a-day, 7-days-a-week.
With increasing regulatory requirements, compliance can be a substantial drain on a financial institution's resources. Gathering vendor compliance documentation can be a timely and laborious process for financial institutions, as well as the technology vendors who are required to produce in-depth, ongoing compliance documentation. This partnership allows Goldleaf's compliance documents to automatically be uploaded to a secure Web site, which can then be accessed in a secure environment by the financial institution at anytime. Goldleaf can also produce an encrypted CD of compliance information that can be provided to a financial institution's Board of Directors and/or federal examiners. Without the need to acquire, provide and maintain compliance documentation, financial institutions will benefit from increased productivity and reduced costs associated with that maintenance.
"Financial institutions are facing increased regulatory compliance issues and are expected to closely monitor vendors in order to protect data," said Brad Putnam, president and CEO of Digital Compliance, LLC. "This agreement exemplifies both companies' shared goal of surpassing the needs and expectations of our customers while providing superior protection of their data."
The Federal Financial Institutions Examination Council (FFIEC) strongly recommends financial institutions obtain vendor compliance documentation annually. Goldleaf's agreement with Digital Compliance allows its customers to exceed the federal examiner's vendor management guidelines through receipt of compliance documentation that is customized to the specific products and services received from Goldleaf. Furthermore, the agreement provides Goldleaf clients with a solution to obtain complete vendor documentation from their other third party vendors easily and inexpensively.
"We are offering this service to our customers as part of a continued effort to provide tangible benefits while enabling them to focus on their main priority - their customers," said Lynn Boggs, CEO of Goldleaf Financial Solutions. "This agreement with Digital Compliance supports our customers in creating a true and central vendor compliance solution. We pride ourselves on being an industry frontrunner, and this is another example of our proactive and aggressive approach to protecting the integrity of our customer's data. Goldleaf understands the challenges faced by financial institutions today, and we look at this partnership as a way to mitigate the burden and stress of demanding compliance requirements."
Digital Compliance provides an all-inclusive resource to obtain and preserve all of a bank's vendor's compliance, due diligence and ongoing documentation monitoring. The service offers financial institutions 24/7 access to Web site support services. Digital Compliance presents its users with the most up-to-date legal information via e-mail notifications.