Israel Discount Bank of New York (IDB Bank) has turned to Wolters Kluwer to manage document disclosure practices in a more effective way.
The bank has opted for Wolters Kluwer Compliance Solutions’ Deposit E-Forms Module (DEMx) Expansion Pack to enhance disclosures.
Wolters Kluwer Compliance Solutions, which offers risk management and regulatory compliance solutions, sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) unit.
DEMx is designed to help banks tailor disclosures to specific policies and provide them in different channels and jurisdictions.
It is said to support consistent disclosure language and delivery methods and comes in varied technology formats to serve the platform system needs of banks.
Wolters Kluwer Compliance Solutions executive vice president and general manager Steven Meirink said: “Regulators require financial institutions to maintain disclosures that are consistent, comply with current regulations, and are easy for consumers to understand.
“These customised 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.”
DEMx offering is said to help banks streamline their documentation processes and comply with regulatory norms.
The product also lowers turnaround times and maximises internal resources, noted the vendor.
IDB Bank executive vice president, chief information officer and COO Dave Smithers said: “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.”
Last April, Hong Kong’s first virtual bank ZA Bank selected Wolters Kluwer’s OneSumX suite as its regulatory reporting and compliance software.