Technology will improve processing times, reduce overall compliance risk
Oconee Federal Savings and Loan has selected Wolters Kluwer’s ComplianceOne® solution to help streamline its current lending processes, positioning the bank for further growth. ComplianceOne is an origination and workflow solution that makes managing compliance with loan and deposit transactions faster and more efficient, connecting the major areas of a lender’s business operations to its core processor through one, simplified user interface.
“As we look at the lending climate ahead, it became clear that we needed to strengthen our loan origination system,” said C. Todd Latiff, Executive Vice President and Chief Banking Officer. “We interviewed several vendors and were impressed by ComplianceOne’s ability to streamline our origination process. The system is user friendly and will allow us to easily convert to ComplianceOne. We are excited to have Wolters Kluwer as a partner.”
“We anticipate that Oconee will experience notable enhancements in the speed and efficiencies of its loan and deposit processing, while improving its overall compliance risk management using ComplianceOne technology,” said Samir Agarwal, Vice President, Wolters Kluwer GRC Banking Solutions. “We welcome Oconee as part of a growing base of financial institutions leveraging the benefits that financial technologies can bring to banking.”
Oconee Federal Savings and Loan is wholly-owned subsidiary of Oconee Federal Financial Corp. (NASDAQ Capital Market: OFED), for its commercial and consumer lending businesses. Oconee Federal is headquartered in Seneca, South Carolina. The community-oriented financial institution has approximately $485 million in assets, with offices in northwest South Carolina and northeast Georgia.
For more information, visit Wolters Kluwer’s ComplianceOne website.
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About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.