Wolters Kluwer Financial Services Acquires Banconsumer Service, Inc.
MINNEAPOLIS – Jan. 17, 2007 – Wolters Kluwer Financial Services, part of the Wolters Kluwer Corporate & Financial Services division, today announced an agreement to acquire substantially all the assets of Banconsumer Service, Inc. (BANCO), a leading provider of regulatory compliance-related documentation solutions in the Northeastern region of the United States. BANCO’s main offerings include pre-printed and electronic forms for the indirect lending market, as well as for the mortgage and home equity markets.
With the acquisition of the assets of BANCO, whose product portfolio supplies auto lenders and dealers with retail installment contracts for auto loans and leases in all 51 U.S. jurisdictions, Wolters Kluwer Financial Services will provide customized pre-printed forms, electronic documents and e-contracting solutions to the majority of top tier U.S. auto finance lenders.
“The addition of BANCO to Wolters Kluwer Financial Services’ strong and growing portfolio of solutions and services for the indirect lending industry is a great fit for both organizations,” said Brian Longe, president and chief executive officer for Wolters Kluwer Financial Services. “This acquisition strengthens our leading position as a supplier to the indirect lending market.”
“Both organizations offer auto lenders a similar value proposition—regulatory compliance documentation that is highly customized to a lender’s individual business rules and policies, accompanied by personalized service and responsive support,” said Nick Roth, president of BANCO. “Auto lenders rely upon such customization and personal attention to detail to help them mitigate risk and build upon their brand in the marketplace.”
Included in the lineup of indirect lending solutions, Wolters Kluwer Financial Services offers a broad range of e-contracting solutions, including a rules and validation engine that provides collaborative capabilities, as well as dynamically assembled documents. Dynamically assembled documents allow ease of customization and modification to suit the lender’s needs. Existing BANCO customers can immediately benefit from this expansive range of WKFS capabilities and solutions.
“Together, we’ll be able to strengthen our ability to deliver such customized solutions to auto lenders and offer BANCO customers access to Wolters Kluwer Financial Services’ leading compliance content, built upon decades of industry knowledge and experience,” said John Bryant, executive vice president of Banking for Wolters Kluwer Financial Services. “As the auto lending industry continues to shift from paper to electronic solutions in the next several years, e-contracting will become the standard.”
Roth joins Wolters Kluwer Financial Services as a consultant.
BANCO is located in Tonawanda, NY. Terms of the purchase agreement were not released.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.
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