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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.
Zachary Miller | September 04, 2020
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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

 

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