Israel Discount Bank of New York (IDB Bank) has selected Wolters Kluwer Compliance Solutions’ Deposit E-Forms Module (DEMx) Expansion Pack to help streamline and enhance the management of its document disclosure practices.
Providing disclosures is a required and critical function of U.S. banks and credit unions as part of the account opening and servicing process. The Wolters Kluwer DEMx offering allows financial organizations to streamline their documentation processes, help ensure compliance with all regulatory requirements, maximize internal resources, and reduce turnaround times.
“Given a constantly changing regulatory environment, and the importance of maintaining compliant disclosure forms, we recognized a need to introduce a more robust document disclosure system into our banking platform,” said Dave Smithers, Executive Vice President, Chief Information Officer and Chief Operations Officer, IDB Bank. “Wolters Kluwer’s DEMx offering provides the necessary monitoring, updating and warranty essential for maintaining electronic, compliant disclosure forms, allowing IDB Bank to focus on other critical components of providing our customers an enhanced banking experience.”
The DEMx Expansion Pack enables banking institutions to tailor disclosures to specific policies and offer them in multiple channels and jurisdictions, providing consistent disclosure language and delivery methods. They are available in multiple technology formats to meet financial institutions’ platform system requirements. Wolters Kluwer E-Forms are also the most widely used and accepted forms on the secondary mortgage market.
“Regulators require financial institutions to maintain disclosures that are consistent, comply with current regulations, and are easy for consumers to understand,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “These customized forms allow banks and credit unions to meet these goals, while giving their customers the technology and formats that they want in an increasingly digital banking world.”
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 (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.