MINNEAPOLIS -- Wolters Kluwer Financial Services has announced an agreement to acquire substantially all the assets of Banconsumer Service, Inc. (BANCO), a provider of regulatory compliance-related documentation solutions.
BANCO's offerings include pre-printed and electronic forms for the indirect lending market, as well as for the mortgage and home equity markets. BANCO's product portfolio supplies auto lenders and dealers with retail installment contracts for auto loans and leases in all 51 U.S. jurisdictions. As a result of the deal, Wolters Kluwer plans to provide customized pre-printed forms, electronic documents and e-contracting solutions to the majority of top tier U.S. auto finance lenders, the company said.
"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."