When the SBA’s Paycheck Protection Program was first announced, financial services technology company Fiserv quickly sought to build a solution for financial institutions to accept applications from small businesses seeking relief.
Time was of the essence. Fiserv partnered with VMware and in 8 days, the 2 firms moved an app into production to equip banks and credit unions to accept PPP applications through their websites and online banking portals. The app enabled SMBs to quickly apply for funding. While managing documentation and onboarding the loans, it also gave financial institutions the ability to route to the SBA E-Tran system for approvals
Tens of thousands of SBA PPP loan applications were processed on the app and more than 18,000 U.S. small businesses were awarded loans, totaling nearly $1.4 billion in loans distributed.
Tearsheet sat with Fiserv SVP and CIO Keith Fulton to learn more about the partnership.
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