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, Podcasts

‘We see a lot of whitespace in credit cards for near prime customers’: Avant’s James Paris

  • Avant was one of the first digital lenders.
  • Almost eight years later, CEO James Paris is leading the company into new financial products.
Zachary Miller | December 21, 2020
Member Exclusive, New banks, Online Lenders

Digital lender LendUp launches a challenger bank

  • LendUp has introduced its own challenger bank, Ahead Financials.
  • Ahead will provide digital banking and financial education to emerging middle class consumers.
Rimal Farrukh | December 02, 2020
Member Exclusive, Online Lenders

What Affirm’s IPO and Chase’s new installment product say about the BNPL market

  • Affirm files to go public and Chase unveils BNPL feature My Chase Plan.
  • As the pandemic rages on, BNPL products remain more relevant than ever.
Rimal Farrukh | December 01, 2020
Member Exclusive, Online Lenders

After COVID-19’s initial shock, lenders begin ramping up originations once again

  • With PPP no longer an option, lenders have to look for new ways to stay relevant during the pandemic.
  • For many lenders, Q3 is proving more successful than Q2 in loan originations, though still nowhere near pre-pandemic numbers.
Rivka Abramson | November 12, 2020
Online Lenders

BlueVine’s new CMO Patrick Adams on the potential of getting SMB banking right

  • BlueVine has hired its first chief marketing officer.
  • Tearsheet talks to Patrick Adams, who most recently led PayPal's US marketing efforts.
Zachary Miller | October 07, 2020
More Articles