Blue Prism Automates SBA PPP Loan Processing at Banks Saving More Than 85,000 Jobs and Helping Small Businesses Stay Afloat
LONDON and AUSTIN Texas, June 10, 2020 /PRNewswire/ -- Blue Prism has teamed-up with Lateetud and ABBYY to support the US government's latest COVID-19 relief efforts for small businesses, by helping to automate loan applications during the two rounds of funding, $349 billion and $310 billion respectively, allocated by Congress as part of its SBA Paycheck Protection Program (PPP). The solution, currently being used by several U.S. banks, uses Digital Workers to automate process loan applications in a matter of seconds, for same-day approvals.
The PPP is designed to serve as a lifeline for small businesses with fewer than 500 employees until the economy reopens. By effectively automating the loan approval process, this partnership will be essential in the rapid processing of these loans and helping small businesses stay afloat. With the second round of PPP funding drying up, thousands of potential borrowers that are looking for aid during the pandemic may be shut out.
The daily demand for loans is more than the SBA processes in an entire year. Loan applicants are frustrated with the amount of time it takes to process the loan applications end-to-end, including filing and receiving timely status updates. To keep up, First Home Bank partnered with Blue Prism, Lateetud and ABBYY to automate the entire end-to-end loan application and submission process.
Below is a breakdown of the benefits the bank has received automating its SBA PPP loan approval process.
While SBA's mandate prohibits the use of RPA GUI interfaces into E-Tran, Blue Prism and Lateetud have a solution available immediately with XML file upload access into E-Tran, which adheres to the latest SBA policy. The value proposition of accelerating the end-to-end process from application submission, to bank review and approval, underwriting, SBA upload and payment remains strong. In addition, Blue Prism has extended the capability to other emerging applications including SBA PPP loan forgiveness, good standing checks, void checks for fraud, OFAC checks, and mortgage forbearance. To learn more about the Blue Prism, ABBYY and Lateetud solution click here.
"We saw this challenge and it had all the right attributes for the type of Intelligent Automation (IA) solutions we create using Blue Prism, ABBYY and other AI technologies to help our banking customers. It was beset with large volume, short time span and manual steps," says Pawan Jadhav, CEO of Lateetud, an Intelligent Process Automation company. "As part of the next phase in SBA PPP, we've created loan forgiveness solution powered by Blue prism and other AI technologies to help banks tackle this complex and laborious process and like the previous solution it can be deployed in matter of days."
"This is a time when organizations need AI enabling tools to quickly ramp up their automation efforts and enhance business process efficiency," says Neil Murphy, Vice President of Global Business Development at ABBYY, a Digital Intelligence company. "The complexity of processing various forms of documents for SBA PPP loan forgiveness is simplified with content intelligence solutions that quickly and accurately digitize, understand and process data provided by small businesses. Our goal is to take the content-centric process burdens from financial services organizations so they can focus on serving their customers."
About Blue Prism
Fortune 500 and public-sector organizations, among customers across 70 commercial sectors, trust Blue Prism's enterprise-grade connected-RPA platform, which has users in more than 170 countries. By strategically applying intelligent automation, these organizations are creating new opportunities and services, while unlocking massive efficiencies that return millions of hours of work back into their business.
Available on-premises, in the cloud, hybrid, or as an integrated SaaS solution, Blue Prism's Digital Workforce automates ever more complex, end-to-end processes that drive a true digital transformation, collaboratively, at scale and across the entire enterprise.
© 2020 Blue Prism Limited. "Blue Prism", "Thoughtonomy", the "Blue Prism" logo and Prism device are either trademarks or registered trademarks of Blue Prism Limited and its affiliates. All Rights Reserved.
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SOURCE Blue Prism
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