Compliance Systems and Newgen Software Inc. (Newgen) have announced a strategic alliance that will provide their joint customers with best-in-class solutions to help them drive digital transformation while remaining fully compliant. Under the agreement, Newgen and Compliance Systems will work together to develop an integrated solution that enables compliance in the lending space.
The partnership is aimed at providing customers with a platform which will enable their users to significantly cut down on data entry and manual tasks to generate compliance documents. This alliance will have Newgen’s Commercial and Consumer Loan Origination solutions, built on Newgen’s business process management and enterprise content management platform. seamlessly integrated with Simplicity by Compliance SystemsTM for banks, credit unions, and other financial organizations. The integration between Newgen and Compliance Systems will provide another layer of efficiency for joint customers to optimize their workflows and reduce loan closing time.
Compliance Systems, through its comprehensive web-based application Simplicity by Compliance SystemsTM, will enable users to carry out lending-related compliance processes. Newgen’s lending solutions will work in conjunction with the former and extract greater value from transaction-specific data to render appropriate documents and eliminate redundant processes.
“Our partnership with Newgen opens many avenues for us and gives us the opportunity to be an enabler to banks, credit unions, and financial services organizations across the country. Together, we will help organizations achieve greater compliance and create transparency and efficiency throughout their lending processes. We are excited to partner with Newgen and are optimistic about taking our current growth trajectory to the next level,” said Ronny Chapman, Chief Strategy Officer at Compliance Systems.
“Lending compliance is critical for financial organizations and getting it right can result in superior customer experience. Our partnership with Compliance Systems is aimed to ensure that financial institutions stay compliant with lending industry regulations, relying on Newgen’s robust and agile technology platform for their current and future business needs,” said Diwakar Nigam, President, Newgen Software Inc.
Newgen’s commercial, small business, and consumer lending solutions help financial organizations automate and streamline the lending life cycle from origination, underwriting, disbursement to servicing.
About Compliance Systems
Compliance Systems is a best-in-class provider of financial transaction technology and expertise headquartered in Grand Rapids, MI. With more than 25 years’ experience with financial transaction data analysis and documentation, Compliance Systems currently supports content configuration and compliance risk management at more than 1,300 U.S. banks and credit unions. The Compliance Systems warranty covers all 50 states and the District of Columbia, giving clients confidence that documentation meets compliance and legal needs. Compliance Systems minimizes transaction risk and reduces resource expenditures so that institutions can focus on business development.
About Newgen Software Inc.
Newgen Software Inc. is a global provider in banking process automation with more than 200+ banks, credit unions, and financial services institutions as its clients. Newgen’s banking process management framework automates critical business processes for banking institutions across commercial lending, consumer lending, customer onboarding, online account opening, trade finance, digital and mobile customer experience strategy. Newgen offers flexible on-premise and cloud-based solutions to its banking customers.