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.
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.
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.