Wolters Kluwer Tax and Accounting has launched a new version of its CCH Validate platform, designed to improve the efficiency of bank confirmations for audit professionals.
According to Wolters Kluwer, the cloud-based system offers a faster, more secure way for firms to access client-authorised data instantly, enhancing the overall audit process. This development is part of Wolters Kluwer’s strategy to modernise audit workflows through technological innovation.
The updated CCH Validate platform allows auditors to control the confirmation process more effectively, using advanced technologies such as blockchain for secure transactions. Users can retrieve all necessary bank statements from institutions worldwide with increased speed and reliability.
The platform operates entirely online, enabling firms to start using it quickly through a browser interface. Clients authorise data access directly, which reduces the waiting time typically associated with bank responses.
A trial option is available for firms before making a full commitment to the platform. Its cloud-native architecture ensures scalability and security, adhering to compliance standards such as SOC 1, SOC 2, and ISO 27001.
Wolters Kluwer Tax & Accounting North America US professional market senior vice president Cathy Rowe said: “With this launch, we’re offering a smarter, faster alternative to legacy confirmation tools burdened by manual bank responses and long wait times, helping firms mitigate delays and reduce the risk of costly audit failures.
“By enabling real-time data retrieval through modern technology, CCH Validate streamlines the entire process—delivering a more intuitive, efficient, and reliable experience for firms and their clients.”
Currently, the platform is available for firms in the US, with plans to expand integration into Canadian and UK markets imminently. The use of blockchain technology ensures that all requests made through the platform are tamper-proof and include a detailed audit trail.
Recently, Wolters Kluwer announced that Triodos Bank UK has implemented its OneSumX for Regulatory Reporting solution. This Software-as-a-Service (SaaS) product aims to improve regulatory reporting functions by addressing liquidity reporting, Common Reporting (COREP), financial reporting (FINREP), and UK-specific Prudential Regulation Authority (PRA) 110 requirements.
