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.

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”

Online Lenders

Goldman Sachs partners with Walmart to offer SMB loans to online sellers

  • Goldman Sachs has built its retail Marcus brand into a $100 billion bank.
  • It continues to sign partnerships with leading brands to provide financing to their customers.
Zoe Murphy | September 24, 2020
Online Lenders, Podcasts

Zest AI’s Mike de Vere: ‘You don’t have to give up economics to be more fair’

  • Machine learning and AI models are changing the face of lending.
  • They're able to clarify the tradeoffs between fairness and economics and optimize them.
Zachary Miller | September 08, 2020
Online Lenders

‘No knee-jerk reactions’: How LendUp quickly adapted to be resilient during the pandemic

  • Anu Shultes is a cancer survivor with 25 years experience in financial services.
  • She brings her own personal resilience to the challenges her firm faced during the pandemic.
Zachary Miller | August 20, 2020
Online Lenders, Podcasts

Earnest’s David Green on student lending in today’s economic environment

  • The pandemic's impact is being felt on the student lending side.
  • Earnest's chief product officer David Green joins us to discuss how to help students pay for school.
Zachary Miller | July 31, 2020
Online Lenders, Podcasts

Upstart’s Paul Gu: ‘AI is a mindboggling change in the economics of lending’

  • Upstart's lending models have been shown to expand access to capital without taking on more risk.
  • The fintech firm is rolling out a new auto product in addition to a credit decisioning API.
Zachary Miller | July 29, 2020
More Articles