The IFA Preferred Supplier Program is designed to build relationships between factor members and suppliers whose products help members achieve their goals. Preferred vendors go through a rigorous selection process and must meet IFA approval criteria, including demonstrated industry knowledge, product and industry expertise, and a commitment to serving organizations factoring.
“Our Lien Solutions business has long recognized that factoring poses high risk in lending decisions and that managing long-term loan cycles and revolving lines of credit adds layers of complexity to the lending process,” said declared Susan Constance, vice-president and leader of Lien Solutions. “Through our award-winning iLien for Lien Management offering, we enable real-time nationwide searches, transparent UCC filing processes, and lien management tools that help factoring organizations reduce risk, which ultimately benefits account to the factoring industry as a whole. Our capabilities match well with the needs of IFA member companies.
As part of this preferred vendor relationship, IFA members receive 15% off all searches submitted through Wolters Kluwer’s iLien privilege management platform. The benefit covers over 20 different searches, both automated and manual.
The iLien platform can help factoring companies efficiently file uniform trade codes using nationwide e-filing or through direct integration via application programming interface (API) technology. It helps postmen set up recurring searches, where they can choose the search type and frequency based on the borrower’s risk profile. iLien also allows postmen to monitor debtor and lien changes over time. Its privilege management functionality allows factors to take advantage of advanced analytics, audit checks, automated privilege continuations, and other privilege maintenance tools. Ultimately, these capabilities provide factors with an additional layer of assurance in effectively managing and mitigating risk for their portfolios.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services for US banks, credit unions, insurers and brokerage firms. The company, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions effectively manage risk and regulatory compliance obligations, and gain the insights needed to focus on better service to their customers and the growth of their business.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. Wolters Kluwer Compliance Solutions iLink for privilege management solution, for example, enables lenders to manage and address risk across their entire UCC lien portfolio through analytics, visibility, and automation. Compliance Solutions’ eOriginal® A suite of purpose-built digital lending solutions helps lenders digitize their transactions and offers e-signatures, collateral authentication and an e-vault. Wolters Kluwer Finance, risk and regulatory reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions activities are Company Wolters Kluwer CT and Wolters Kluwer ELM Solutions.
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About Wolters Kluwer Governance, Risk and Compliance
Governance, Risks and Compliance 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 drive better business results. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.8 billion in 2021. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
About the International Factoring Association
Based in Avila Beach, Calif., with more than 425 member companies, the International Factoring Association is the largest association of commercial finance companies in the world. Members include factoring companies, asset based lenders and other receivables finance companies. Since 1999, the International Factoring Association has provided a forum for member organizations to meet and discuss issues and concerns, share best practices, disseminate information and promote a single voice in the marketplace.