Wolters Kluwer - Best FinTech Solution

Company: Wolters Kluwer, Minneapolis, MN
Company Description: Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, providing legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: FinTech Solution

Nomination Title: Wolters Kluwer's CASH Suite

The latest module within CASH Suite, called Tax Importer, was launched in August 2019

CASH Suite optimizes commercial lending processes and capabilities:

CASH Insight supportsanalysis of business and personal financial statements and tax returns. Users can create historical, pro-forma and projections analyses, loan covenant compliance management and reporting, RMA peer-group comparative analyses, stress testing (entity and portfolio levels), and comprehensive global analyses.

CASH CRE supports the analysis of commercial property P&L’s, appraisals and rent rolls. Users may create historical analysis, projections analysis, loan covenant compliance management/reporting, peer-group comparative analysis, stress testing at the property and portfolio levels, comprehensive global analysis, etc.

CASH OnTrack provides a highly flexible and fully process-integrated system designed to track, report and manage both financial covenants (i.e., for C&I and CRE portfolio credits) and reporting covenants (ticklers), providing superior reporting both at the line/production as well as “C-Suite” levels.

CASH Reward supports organizations’ loan grading systems. Its risk models can automatically assess the financial performance of businesses (on an industry-specific basis) and individuals (for both financial statements and tax returns) based on data and analysis entered in and created by CASH Insight.

CASH Profit enables lenders to set pricing parameters to ensure loan assets are priced to achieve target returns on assets and equity.

CASH Opportunity is a flexible sales automation solution that, integrated with other CASH Suite solutions, presents users with robust customer relationship management functionality.

CASH GlobalView provides a platform to measure and manage risk at the portfolio level. It sits atop the CASH Suite, consuming financial, risk and pricing data and analysis generated in CASH Insight, CRE, Reward, and Profit.

CASH Bridge supports scheduled imports from external data sources such as core extracts of borrower/guarantor CIF data, loan and collateral data, deposit data, etc.

CASH Doc offers dynamic support for automating credit presentations, annual term loan reviews, classified credit reports, and other communications that seek to repurpose data and analysis from CASH Suite’s applications along with core data imported using CASH Bridge.

CASH Workflow is an end-to-end solution built with intuitive design to provide clarity around the lending process, making processing more efficient and providing instant visibility into current loan status and complete work history.

Winner of multiple industry awards in the past 18 months, the multi-module CASH Suite product offering is a comprehensive financial analysis and risk management software solution that promotes efficiency and effective decisions throughout the entire commercial lending lifecycle. Incremental development of CASH Suite modules over several years has led to demonstrable improvements for commercial lenders’ processes, workflows and overall management of their commercial lending portfolios, details of which can be seen in the four customer case studies and other supporting documents included in this award entry.

The software is comprised of 11 integrated modules for business development, financial analysis, risk management and pricing, credit communication and approvals, covenant compliance tracking, portfolio management, stress testing, in depth reporting and workflow.

Wolters Kluwer does not divulge its product sales revenues, but its enhancements to CASH Suite have resulted in considerable market uptake in the past 18 months by major U.S. financial firms. The CASH Suite product line was enhanced in August 2019 with the addition of CASH Tax Importer, which leverages optical character recognition technology to extract and speed the accurate import of information from a borrower’s tax returns for use in underwriting commercial loans. Used in conjunction with Wolters Kluwer’s CASH Insight™ module, Tax Importer 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. http://www.wolterskluwerfs.com/lending-origination/solutions/cash-insight.aspx

CASH Suite provides improved compliance across one’s business loan portfolio, with access to data when and where needed, automation of workflow, ability to measure one’s loan performance, and clarity for commercial lending processes and accountability. The solution fosters accelerated planning, tracking, reporting, and management of all commercial loan activity, providing better visibility into leads and referrals for commercial loans.

Ultimately, CASH Suite helps boost lenders’ profits and grow top-line revenue by achieving straight-through processing across every step of the commercial loan lifecycle—increasing efficiencies and accuracy that reduce users’ operational risk and enhance long-term profitability.

The supporting documents provided in this award entry aim to further highlight and reinforce key points about CASH Suite’s distinguishing capabilities, market receptivity and efficacy in addressing lenders’ portfolio management needs. Included are recent industry awards and press releases, a combined product sheet of CASH modules, and customer case studies. Recent industry awards include:

-One Planet Award 2020 - Best Workflow Solution – CASH Workflow
-2020 Best in Biz North America Award - Product Line of the Year, Enterprise and Small/Medium Businesses: CASH Suite
-American Business Awards/Stevie Awards – Financial Services category: CASH Suite
-Best in BIZ International 2020 Award – CASH Suite, Product Line of the Year
-Corporate Vision Magazine - 2019 Corporate Excellence Awards, “Most Innovative Commercial Lending Platform” CASH Suite
-Golden Bridge Awards – 2019 Best B2B Services, CASH Workflow
-2019 Business Intelligence Group (BIG) Awards – New Product of the Year, Financial Solutions: CASH WorkflowVideo and product home page:

Video for CASH Workflow module:
CASH Suite modules (combined): see attached pdf
CASH Suite Wins 2020 Best in Biz International Award for Best Product Line: https://www.wolterskluwer.com/en/news/wolters-kluwer-cash-suite-offering-wins-2020-best-in-biz-international-award
CASH Suite wins Stevie Awards’ 2020 American Business Awards for Product Innovation, Financial Services: https://www.wolterskluwer.com/en/news/wolters-kluwers-compliance-solutions-wins-four-stevie-awards-in-2020-american-business-awards

Four customer case studies:
MidAmerica National Bank (CASH Insights)
UnitedOne Credit Union (CASH Doc)
Milford Bank (CASH CRE)
Red Canoe Credit Union (CASH Reward)