Proactive Inc., a compliance software company in Duluth, Ga., got a big boost last week as Wachovia Corporate Services Inc. agreed to market its leading product to its 800 correspondent banks.
Wachovia Corporate Services, a subsidiary of Wachovia Corp., the huge Winston-Salem, N.C., bank holding company, will sell CompliancePro.
That software is a step-by-step prompting program that walks bankers through regulations, asking compliance questions such as whether the proper disclosure was made to a customer. It helps bankers comply with all federal banking rules.
"The current regulatory environment places a new emphasis on the importance of monitoring and documenting a financial institution's adherence to consumer regulations," said Dale Johnson, president of Proactive.
In exchange for marketing Proactive's CompliancePro, Wachovia will get the software at a discounted price and Wachovia will receive a percentage of the sales profits.
"We believe CompliancePro provides superior benefits over other types of compliance programs that rely on manual or simple word processing programs," said Frank Spence, a senior vice president at Wachovia.