Customer Satisfaction
ComplianceAugust 04, 2020

Wolters Kluwer earns prestigious XCelent Award for “Know Your Customer” offering

OneSumX for Customer Due Diligence solution helps financial institutions manage customer onboarding risks

Research and advisory firm Celent has honored Wolters Kluwer Compliance Solutions with a 2020 XCelent Award for Depth of Client Service in recognizing the company’s financial crime control offering, OneSumX for Customer Due Diligence (CDD). The recognition appears in Celent’s new report, Know Your Customer Systems: 2020 xCelent Awards, Powered by VendorMatch, which profiles in-depth 14 leading solutions providers that offer “Know Your Customer” (KYC) functionality for financial institutions.

OneSumX CDD is a key component of Wolters Kluwer Compliance Solutions’ Financial Crime & Control (FCC) suite of products. The SaaS-based solution provides users a secure platform to create customer information profiles and KYC risk scoring when onboarding new customers in compliance with Bank Secrecy Act requirements and USA PATRIOT Act regulations. Commercial banks use the system for retail banking, corporate banking, investment banking/brokerage, asset management and insurance.

“Know Your Customer management is attracting ever-increasing scrutiny from regulators and has become one of the most complex operational areas in anti-money laundering compliance,” wrote Neil Katkov, Head of Risk and Compliance for Celent, in the report. “The caseload and workforce challenges brought on by COVID-19 have only exacerbated this key pain point for financial institutions. Wolters Kluwer’s clients rated OneSumX CDD functionality highly in addressing these KYC needs, with clients particularly drawn to customer review features the offering provides.”

“Changing market conditions, including increased regulatory audits on CDD programs and an emphasis around new Beneficial Ownership requirements, are significantly driving institutions’ need to ensure they have sound customer verification capabilities,” said Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “We are pleased that Celent’s analysis has rated OneSumX CDD so highly, particularly in calling out its depth of customer service functionality.”

About Wolters kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Contacts
Paul Lyon
Paul Lyon
Director of Global Corporate Communications - Banking & Regulatory Compliance
Global Marketing, Communications & Planning
Governance, Risk & Compliance Division
David Feider
David Feider
Corporate Communications Manager, Banking & Regulatory Compliance
Governance, Risk & Compliance