Wolters Kluwer Compliance Solutions has partnered with MK Decision to offer digital account opening capability to US-based deposit institutions.
The collaboration will utilise MK Decision’s digital account opening platform and Wolters Kluwer Expere compliance document system to enable the community banks and credit unions deliver seamless online account opening experience to the customers.
Expere is designed to generate accurate and compliant documentation through the account opening process. This helps financial institutions offer regulatory compliant account opening documents streamlining account opening process.
The integration of technologies will provide dynamic document generation and delivery capabilities for compliant account agreements. This will enable MK Decision offer a platform for centralised, compliance content management using Wolters Kluwer’s regulatory compliance content offerings.
MK Decision CEO Har Rai Khalsa said: “Partnering with Wolters Kluwer, a leading provider of compliant content for financial institutions, is a key differentiator for MK Decision.
“Ensuring state-specific regulations are captured in every transaction is paramount to protecting the reputation and integrity of the financial institutions that MK Decision serves.”
Wolters Kluwer Compliance Solutions executive vice president and general manager Steven Meirink said: “Collaborating with MK Decision is an exciting development for us in the digital account opening space, as it addresses an ongoing challenge for financial institutions in keeping disclosure documents compliant with the rapid pace of regulatory changes.
“This is particularly challenging for community banks and credit unions with constrained resources. The combined capabilities of Wolters Kluwer and MK Decision particularly helps level the playing field for community banks and empowers financial institutions of all sizes through the provision of dynamic, compliant account opening documents available to customers in real time.”
Earlier this year, Israel Discount Bank turned to Wolters Kluwer to improve disclosure practices.