Member Exclusive, Online Lenders

How Fiserv’s partnership with VMware enabled it to launch a PPP application in 8 days

  • Time was of the essence for SMBs when the Cares Act was announced.
  • The two companies stood up a PPP app that was responsible for distributing $1.4 billion in PPP loans.
close

Email a Friend

How Fiserv’s partnership with VMware enabled it to launch a PPP application in 8 days

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.

SPONSORED

Why partner with VMware?

Our goal is to provide our clients with innovative solutions that allow them to further their business strategies via their preferred technology operating model. With VMware, we are able to deliver our solutions in a flexible manner wherever our clients want to meet us, which encompasses options across a private, public or hybrid cloud.

What was Fiserv looking to do and for whom?

When the CARES Act was signed into law, we saw an opportunity to help our financial institution clients and – perhaps even more importantly – the communities across the United States they serve. Through our solution, which we were able to get up and running shortly after the Act went into effect, we were able to help our financial institution clients quickly and efficiently get much needed funds into the hands of small businesses and other entities that qualified for loans under the Paycheck Protection Program. All told, more than 18,000 loans were applied for and granted through our solution, translating to more than $1.4 billion.  

What kind of resources did it take to support this project?

There were 15 development resources assigned to the project, and the project had the full support of the executive team and close support from dozens of associates across the company – from product management and education services to sales enablement, marketing and client support, including a dedicated team of specially trained Tier 1 and Tier 2 client support analysts.

What has the feedback been from businesses that used the portal?

After attempting to submit SBA loan applications on their own or using other solutions, many financial institutions realized the benefits of a digital PPP loan origination system provided by their core account processing provider. One of our financial institution clients, Bank OZK, was able to get more than 2,000 PPP loans approved through the SBA in two days.

Another client, Carter Bank & Trust, was able to assist not only existing SBA clients but also clients from well beyond their geographical region to obtain funding under the PPP program. While our direct relationships are with financial institutions rather than their borrowers, we have learned anecdotally and at second hand of the gratitude and relief expressed by many of those who received PPP loans through financial institutions using our solution.

0 comments on “How Fiserv’s partnership with VMware enabled it to launch a PPP application in 8 days”

Member Exclusive, Online Lenders

Grain is rethinking credit with loans based on active cash flows, and not credit history

  • Grain allows customers to attain a revolving line of credit through their existing debit card without issuing a physical credit card.
  • The firm wants to help customers with daily spending while allowing them to build a good credit score.
Subboh Jaffery | October 28, 2021
Member Exclusive, Online Lenders

‘Banks can look at you and say, we don’t want to look at you’: Payability wants to serve the seller-entrepreneur

  • Payability, a company that finances online SMBs, saw major success over the course of the pandemic.
  • But creating a risk model that can shift and swerve through the world of seller sites is a challenge.
Rivka Abramson | October 13, 2021
Member Exclusive, Online Lenders

What’s Facebook up to with its Invoice Fast Track program?

  • Facebook hasn't found a lot of success in its fintech efforts.
  • Now, the firm has shifted from B2C to B2B with a new invoice financing solution.
Zachary Miller | October 11, 2021
Member Exclusive, Online Lenders

‘Not moving in any direction is worse than the wrong direction’: How banks can kickstart lending to small businesses

  • With the right products and services, small businesses are becoming a promising revenue stream
  • But with little experience with SMBs, a lot of incumbents still struggle to service them
Rivka Abramson | October 07, 2021
Member Exclusive, Online Lenders

How Petal’s product strategy extends access to credit through technology

  • Petal is a no-fee credit card company ideal for credit builders and rebuilders.
  • In three years, Petal has launched three products and a B2B API.
Shehzil Zahid | September 23, 2021
More Articles