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TAB Bank Creates Open Banking Platform and Streamlines Lending Processes with MuleSoftSAN FRANCISCO, March 30, 2021 /PRNewswire/ -- MuleSoft, provider of the world's #1 integration and API platform, today announced that TAB Bank is using MuleSoft to build its open banking strategy and grow an ecosystem of partners. TAB Bank is a modern, digital-only bank that specializes in serving small and medium enterprises (SMEs), which account for the majority of businesses in the United States. TAB Bank's online-only customer base depends on digital experiences that are easy-to-use and connected. With MuleSoft's Anypoint Platform™, TAB Bank is able to quickly meet customer expectations, now processing SME loans 60x faster than before. Scaling innovation with an open banking platform For example, leveraging an Open Banking API, TAB Bank transformed its online application experience from a fillable PDF application to a solution that enables customer account and transaction data to flow in real-time between back-end and third-party systems. In doing so, TAB Bank offers customers a fully automated enrollment process that can be completed in just three minutes. Accelerating critical consumer services using open banking foundation In addition, with its data connected using MuleSoft, the bank can now streamline account creation so that customers can open new online banking accounts in just three minutes – 100x faster than it took previously. TAB Bank also dramatically sped up its business-critical Paycheck Protection Program (PPP) loan approval. TAB Bank reduced the time needed to process each PPP application from an average of 30 minutes to as little as 30 seconds, while reducing reliance on manual application approval processes by 80%. "Prior to COVID-19, SMEs were underserved by traditional providers when it came to loans, but the pandemic worsened this reality," said Curt Queyrouze, president, TAB Bank. "As the premier SME banking platform, we support our customers with the services they need not just to survive, but to thrive. MuleSoft is a strategic partner, allowing us to deliver services to our customers much faster than would be possible otherwise. We have greatly simplified our loan approval processes with MuleSoft, helping us deliver 6,100 PPP loans that have protected more than 47,000 jobs during the COVID-19 pandemic." Now with 200 reusable APIs, TAB Bank has transformed into a composable, digital bank that is able to automate manual processes and deliver business-critical services to customers, faster. Additional information
About MuleSoft, a Salesforce company About Salesforce MuleSoft is a registered trademark of MuleSoft, Inc., a Salesforce company. All other marks are those of respective owners. View original content to download multimedia:http://www.prnewswire.com/news-releases/tab-bank-creates-open-banking-platform-and-streamlines-lending-processes-with-mulesoft-301258295.html SOURCE MuleSoft |