Hawaii Division of Financial Institutions Selects MicroPact's Regulatory Case Management System
ETK Regulatory to Consolidate and Streamline Oversight of Financial Entities
August 31, 2017, Herndon, VA - The Hawaii Division of Financial Institutions (DFI), Department of Commerce and Consumer Affairs has selected MicroPact, the global leader in Data-First™ case management and business process management (BPM) software, to deploy the entellitrak®-based ETK Regulatory product to streamline oversight of state chartered and licensed financial institutions. Hawaii will be the third state this year to begin implementing ETK Regulatory, the re-platformed version of MicroPact’s proven CAVU eLicense and STAR Financial products currently used by 65 state agencies. The SaaS solution will be hosted in MicroPact’s secure, FedRAMPSM certified data center.
ETK Regulatory consolidates all registration, examination, and enforcement activities into a single application to improve transparency and efficiency for any regulatory agency. Using a secure web portal, entities can apply for and renew licenses, submit payments, and upload supporting documents. Likewise, citizens can research licensees, submit inquiries, and file complaints.
“MicroPact has combined the decades of knowledge embedded in CAVU eLicense and STAR Financial, with the configurability and interoperability of our flagship platform, entellitrak, to meet the needs of today’s regulators,” said Kris Collo, CEO of MicroPact. “ETK Regulatory is the perfect complement to our VERSA Regulation product. We are pleased that it has been embraced so readily by the financial oversight community in particular.”
Hawaii DFI currently relies on a legacy system of spreadsheets, and databases to oversee nearly 4,000 licensees. Every October DFI staff prepare for the majority of renewals, which begin on November 1. By enabling the agency to streamline processes and offer online self-service for renewals and other standard transactions, ETK Regulatory will help increase efficiencies and productivity, especially during busy seasons.
“In looking for a replacement system, we knew we wanted a workflow-driven solution designed to ensure data integrity,” said Iris Ikeda, DFI Commissioner. “MicroPact offered that FinTech solution for DFI since they clearly understood the intricacies of state financial regulation based on their work with so many similar agencies.”
Hawaii DFI will configure ETK Regulatory to improve oversight of state chartered banking and non-depository financial entities. Standard financial interfaces will enable data exchange with the Nationwide Multistate Licensing System & Registry (NMLS), the Federal Deposit Insurance Corporation (FDIC) Call Report system, and the Federal Reserve Bank.
entellitrak is a low-code application development platform for case management and business process management. Whether based on-premises or in the cloud, its Data-First™ approach allows it to be implemented immediately and configured continuously, enabling customers to get to work quickly while keeping costs low.
For nearly four decades, MicroPact has focused on engineering commercial off the shelf (COTS) solutions for U.S. government agencies and Fortune 500 corporations. Today MicroPact solutions serve 98% of U.S. states, 97% of federal agencies with 500 or more employees, and enjoy a 97% annual renewal rate.
From initial application to registration, examination and enforcement, MicroPact’s Financial Regulatory Compliance software solution consolidates and streamlines oversight capabilities in the promotion of a fair and sound financial marketplace.
MicroPact's regulatory enforcement and licensing software enables regulatory agencies/bodies and boards to set up an unlimited number of license types and configure individual applications, fees, exams, and CE requirements for each.
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