Temenos is leveraging its Infinity SaaS product to empower banks and credit unions. To quickly process loan applications from small businesses under the US government’s Paycheck Protection Program (PPP)
Temenos, the banking software corporation, declare that it’s Temenos Infinity digital omnichannel product is permitting US banks and credit unions to accelerate loan applications to small businesses under the U.S. Small Business Administration (SBA) Paycheck Protection Program ( PPP).
US Coronavirus Aid, Relief, and Economic Security (CARES)
Implemented under the US Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP attempts to introduce an instant $349 billion in rescue loans for small businesses affected by the COVID-19 pandemic. Banks had to acknowledge the new demands from the government in a timeline that was less than a week. As published in the press, banks varying in scale from large Tier 1s to regional banks and credit unions are seeing unprecedented demand for loans from businesses. They are struggling to process the application volumes.
Additionally, Temenos is already allowing banks to deploy a digital experience for customers applying for PPP. Temenos was qualified to perform a specific PPP digital credit application solution with combined processing workflows in 4 days. This enables small businesses to practice for funding digitally without personal assistance from the bank. Also, it includes built-in quality controls to ensure that necessary fields get filled in. So it does not need to be revised and delay the loan processing. Further, The digital portal also provides streamlining the application for funds for the banks to the SBA E-Tran system.
Given this, “We are proud to support commercial institutions in-turn small businesses apply for rescue loans and speed up economic relief. Further, Our teams – Temenos and the banks – are operating tirelessly to deliver projects in days that would typically take months. However, It fascinates about helping Atlantic Union Bank process loan applications and support small businesses”. added President, Americas and Global Head of Partners, Temenos, Alexa Guenoun