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.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

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

Online Lenders

Mission Lane’s approach to helping people access credit with Shane Holdaway

  • Shane Holdaway spent close to two decades working in large traditional financial institutions.
  • As CEO of Mission Lane, he's serving a million customers that banks tend to overlook.
Zachary Miller | July 30, 2021
Member Exclusive, Online Lenders

How Shopify is creating an ‘embedded finance ecosystem’ with Shopify Capital

  • Shopify merchants benefit from a quick, simple application and approval process.
  • Shopify is slowly building an arsenal of finance solutions to better serve its users.
Shehzil Zahid | June 10, 2021
Member Exclusive, Online Lenders

‘Fix the errors and a lot more people will flow through the system’: The credit ecosystem may need a makeover

  • Credit invisibility is still very much alive in the U.S.
  • But it may not be just one problem within the system that’s causing the mess. Rather, it could be the whole system.
Rivka Abramson | June 07, 2021
Member Exclusive, Online Lenders

Through software, Drummond Community Bank moves into personal and auto lending

  • The bank will provide its customers with AI-powered personal and auto loans.
  • AI-based lending platforms can give community banks a competitive advantage over larger banks.
Ismail Umar | May 10, 2021
Member Exclusive, Online Lenders

With the cannabis market set to double, lenders hope to capitalize on the opportunity

  • Financing in the space typically has come in the form of equity investments.
  • Federal deregulation would give more lending options to cannabis businesses.
Shehzil Zahid | May 05, 2021
More Articles