Case Studies Wolters Kluwer

PPP Application and Forgiveness Module

The U.S. Small Business Administration announced the Paycheck Protection Program (PPP) to provide relief to small businesses during the COVID-19 pandemic. Wolters Kluwer approached Woodridge to develop the borrower centric PPP forgiveness module to assist banks in helping their clients complete and submit criteria to participate in the program.

Diagram depicting how Forgiveness loans work in TSoftPlus

Challenges Faced by Financial Institutions

Once PPP was announced, Financial Institutions (FIs) had to work fast to develop a solution to process PPP applications. Due to social distancing restrictions, it was critical for FIs to provide a digital solution that allowed small business owners to apply for loans and loan forgiveness remotely. Smaller community banks that required this type of solution do not usually have internal technology resources. Wolters Kluwer provided a software solution that these FIs could rapidly deploy and meet the needs of their communities.

Image of a mobile phone and laptop displaying a web page.

Building a Multi-Tenant PPP Module

Wolters Kluwer already had a system in place that integrated with the SBA called TSoftPlus. What was missing was a modern front-end that would collect customer information and tie into their existing system. Wolters Kluwer, Temenos, and Woodridge teamed up to create a unique solution, that integrated TSoftPlus, which allowed PPP applicants to apply for the government guaranteed loans. Wolters Kluwer’s banking clients further had the ability to efficiently handle the unprecedented SBA loan volumes.

Woodridge’s team of developers worked with Wolters Kluwer to develop different PPP journeys using the Temenos Journey Manager. These journeys collected essential business information that was required by the SBA. Once customer information was collected in Journey Manager, the data was securely passed to TSoftPlus for straight through processing of the loan by the SBA.

During the second phase of the program, Woodridge built journeys for the forgiveness portion of the PPP loans. The aim was to make the forgiveness portion even easier than the loan application. The team was able to prefill all customer information from their original PPP application so that there were only a few additional questions required to apply for forgiveness.

Graphic of United States map depicting average number of employees assisted per loan.
Graphic of United States map depicting number of small business jobs retained..

Results: Providing Relief for Thousands of Small Businesses

The result of our work with Wolters Kluwer was a cloud-native, multi-tenant solution that could be deployed by financial institutions in as little as two hours. The solution processes both PPP applications and loans to provide relief to thousands of small businesses in the United States. As of today, the software has:

150 financial institutions using the PPP forgiveness model
50,000 + transactions being processed
1,000,000 small business jobs saved across 50 states and 100 industries

Services Provided

  • Web Development
  • API Development
  • Technology Integration
  • Development Team Integration

Technologies Used

  • JavaScript
  • Temenos Journey Manager
  • JWT
  • Groovy
  • Google reCAPTCHA

About the Client

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

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