MINNEAPOLIS--(BUSINESS WIRE)--Celtic Bank of Salt Lake City, Utah has selected two Wolters Kluwer Financial Services systems that together will enable it to achieve straight-through processing for the bank’s commercial lending activities. Celtic Bank selected the financial analytics bundle of CASH™ Suite, an enterprise-wide financial analysis and credit risk management solution for commercial lenders, as well as the ComplianceOne® solution for loan document origination preparation.
According to Celtic Bank, the growth opportunities in the commercial lending space necessitated moving toward a more advanced technology solution.
“We were attracted to the comprehensive underwriting and credit analysis capabilities of the CASH Suite, which are much deeper than the previous system we used,” said Celtic Bank President Wade Newman. “And ComplianceOne will complement those activities, helping eliminate redundancies in entering transaction data, reducing the amount of paperwork in loan and deposit transactions, and creating a more effective, integrated approach for the complete origination process.”
“Today, commercial lenders face challenges ranging from increased regulatory compliance and resource constraints to a lack of integrated systems and processes,” said Michael Fuchs, director, Commercial Lending, Wolters Kluwer Financial Services. “Straight-through processing can bring order to that chaos, providing lenders with an integrated system to link activities, eliminate redundant data entry, reduce error rates, streamline workflow processes, and accelerate profitability.”
The financial analytics bundle of CASH Suite includes the Insight, CRE, OnTrack, Bridge and CASH Doc modules and provides a bank with deep and comprehensive financial analyses on its commercial loans for both new loans and annual reviews. ComplianceOne is highly configurable and can be used as a stand-alone system or in conjunction with other Wolters Kluwer Financial Services solutions. Visit the CASH™ Suite and ComplianceOne websites for more information.
About Wolters Kluwer Financial Services
Wolters
Kluwer Financial Services provides customers worldwide with risk
management, compliance, finance and audit solutions that help them
successfully navigate regulatory complexity, optimize risk and financial
performance, and manage data to support critical decisions. With more
than 30 offices in 20 countries, our prominent brands include: AppOne®,
AuthenticWeb™,
Bankers
Systems®, Capital
Changes, CASH
Suite™, GainsKeeper®,
NILS®,
OneSumX®,
TeamMate®,
Uniform
Forms™, VMP®
Mortgage Solutions and Wiz®.
Wolters Kluwer Financial Services is part of Wolters
Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9
billion), employs 19,000 employees worldwide, and maintains operations
in over 40 countries across Europe, North America, Asia Pacific, and
Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn,
the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and
are included in the AEX and Euronext 100 indices.
About Celtic Bank
Headquartered in Salt Lake City, Utah,
Celtic Bank is a privately owned industrial bank chartered by the State
of Utah. Celtic Bank is an SBA Preferred Lender and was named the
eighth-largest SBA lender in the nation for FY 2014. Founded in 2001,
Celtic Bank is a leading nationwide small business lender specializing
in SBA 7(a), SBA 504, USDA B&I, and conventional business loans.
Business loan proceeds can be used for working capital, commercial real
estate, commercial ground-up construction, equipment, inventory,
business acquisition and debt refinance. Celtic Bank also offers
residential mortgage and construction loans nationwide. For more
information, visit: http://www.celticbank.com.
