New Jersey Credit Union League deploys Virtual StrongBox in its shared compliance initiative
Platform’s security and RegTech capabilities transform audit and compliance processes
CHARLOTTE, NC (September 11, 2017) — Virtual StrongBox, Inc. and the New Jersey Credit Union League (NJCUL) have teamed up to improve compliance processes and cut costs for League-affiliated credit unions and auditors. NJCUL will use Virtual StrongBox’s secure customer engagement platform with the League’s Shared Compliance Program, HelpLine, and Audit Services clients. The secure platform will ensure that sensitive information remains safe while engaging in the exchange of private and financial information with a compliance specialist.
“Compliance isn’t optional for financial institutions, and the cost of regulatory compliance is continuing to grow,” said Ron Daly, Virtual StrongBox President/CEO. “Progressive organizations like the New Jersey Credit Union League need ways to reduce the cost of compliance for both themselves and their credit union clients. Our patented, end-to-end secure customer engagement platform is perfect for helping them achieve those results.”
Financial audits and regulatory exams have become a major expense for credit unions. Auditors and examiners often must be onsite for four or more days, incurring considerable travel expenses that credit unions must reimburse. With Virtual StrongBox’s platform, NJCUL’s Compliance Team can now perform many audit activities remotely from their offices, saving time and reducing the number of days auditors must be on travel.
“The New Jersey Credit Union League looks forward to leveraging Virtual StrongBox to the benefit of our compliance solutions clients as a safe and secure means to exchange important credit union files, documents, and information with the League’s Compliance Center Team,” said Nicola L. Foggie, CUCE, BSACS, Vice President, Compliance & Regulatory Affairs for the New Jersey Credit Union League.
By working with Virtual StrongBox, the NJCUL Compliance Center can reduce the number of days team members are out of the office; decrease travel, reducing clients’ reimbursement expenses; expand the organization’s ability to handle more clients, growing revenue; and increase employee satisfaction with less time on the road and more workplace options.
With Virtual StrongBox’s solution, RegTech and auditing challenges just got easier. The platform’s secure file-exchange feature offers credit unions a unique RegTech way to satisfy regulatory demands.
Foggie agrees. “The ability to take the ‘risk’ out of virtually consulting with League’s compliance specialists and auditors, in a convenient, easy, secure manner puts credit unions ahead of their competitors by helping them to focus on growth, not compliance,” she said.
Virtual StrongBox’s solution is a time-effective and cost-saving solution for BSA audits, ACH audits, and regulatory exams. For the highly-regulated financial services industry, Virtual StrongBox is the only secure, cloud-based platform that delivers end-to-end protection to sensitive information. The company’s processes are protected by six patents.
About Virtual Strongbox
Virtual StrongBox is a secure end-to-end customer engagement platform that provides high-risk Enterprise IT the data security needed to support both secure cloud usage and simple, seamless customer interactions. Our secure document storage and file-exchange platform transforms legacy technology and workflows by bridging the gap between customer convenience demands and IT security requirements.
Our Clients report 70% to 80% cost benefits from operating efficiencies, savings in paper, labor and time-intensive processes, and the ability to get information to and from their customers faster in their business interactions.
Virtual StrongBox is available in either a private-cloud software-as-a-service model or private-cloud licensing model for the enterprise. Nearly 300 clients, serving 3.5 million consumers and business owners, rely on Virtual StrongBox to modernize their technology and reduce workflow costs. Contact us at Virtual StrongBox, Inc. or (704) 817.4588.
About the New Jersey Credit Union League:
Formed in 1934, the New Jersey Credit Union League is the statewide trade association representing credit unions and is committed to the development of the credit union movement in New Jersey. Our mission includes a full range of services, programs, products and money-saving opportunities specifically designed to satisfy a credit union’s operational, financial, training, compliance and overall growth and development needs. For more information visit www.njcul.org.