Hyland, a content services provider for global organizations, launched a PII Compliance Solution. Using intelligent document redaction functionality the solution automates redaction processes to save financial institutions time, preserve accuracy, and improve compliance with ever-changing mortgage regulations and redaction requirements.
Leveraging the PII Compliance Solution lenders simplify redaction processes and add bulk document upload functionality in an agreeable format. With this tool, financial institutions can:
- Automatically redact personal identifying information
- Seamlessly upload large amounts of documents
- Ensure compliance with industry regulations
“The financial services industry has to remain agile in order to comply with ever changing regulations. Incorporating adaptive technology to automate document redaction provides a fast-acting path to improve efficiency, decrease manual inaccuracies, and eliminate the risk and cost of compliance errors,’ said Steve Comer, Director of Financial Services and Insurance at Hyland. “Using Hyland’s PII Compliance Solution helps lenders quickly and efficiently respond to regulations requiring redacted personal information with smart, expertly tailored automation built specifically for financial services.”
The PII Compliance Solution is especially helpful for lending institutions needing to submit foreclosure notices to state government departments. Using Optical Character Recognition (OCR) technology, the document redaction application automatically identifies and redacts sensitive information—eliminating manual work and the potential for human error. Once redacted, the solution offers a flexible workflow to assist with document export—increasing efficiency and eliminating repetitious work. Additionally, lenders can select the option to include functionality that manages state confirmation emails to ensure notices are properly filed, as well as to identify any exceptions. Finally, reporting capabilities deliver notifications with document processing times, phases and dates in which documents need sent and monitoring timeframes to ensure compliance throughout the document management lifecycle.