Wolters Kluwer Financial Services (WKL) has released a subscription-based version of its system for originating and managing Small Business Administration loans.

The new software-as-a-service format of Wolters Kluwer's TSoftPlus program can be used through a secure web browser, the financial services company said Tuesday. This new format is intended to help banks and credit unions reduce their IT costs by eliminating the need to store loan data and install and upgrade software.

"The new SaaS version of TSoftPlus is part of Wolters Kluwer Financial Services' continued strategy to provide our customers with innovative solutions to their most pressing compliance, risk management and business workflow challenges," Lisa Fraga, vice president and general manager of banking solutions, said in a news release.

The TSoftPlus system is designed to make SBA origination and compliance more efficient by automatically providing the forms needed to make loans and allowing banks to submit loan applications to the SBA electronically.