Finastra, one of the world’s largest financial technology solutions providers, announced that it has helped process more than 86,000 Paycheck Protection Program (PPP) loans to date, supporting community-focused banks and credit unions as they provide critical financial assistance for small businesses impacted by the COVID-19 pandemic. Finastra’s CARES Act solution – developed in response to the Coronavirus Aid, Relief and Economic Security (CARES) Act – helps these organizations meet the urgent demand for PPP loans that are critical for small business owners who need to pay salaries, rent and other costs of doing business.
Robert F. Smith and Vista Equity Partners has authorized Finastra to donate revenue generated from the initial phase one and two PPP loan processing fees – equal to $2.2 million – to food banks across America.
“At a time when so much is uncertain, community banks and credit unions are vital in paving a path forward for small and mid-sized businesses being impacted by the COVID-19 pandemic,” said Chris Zingo, SVP and GM of Americas Field Operations, Finastra. “We are proud to be able to help our customers deliver on their promise to serve their local communities in a time of great need. By optimizing our business and consumer lending platforms, we are ensuring that financial institutions are able to deliver relief to the businesses that serve as the backbone to their local economies.”
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Components of the CARES Act solution include new and existing Finastra products. Fusion Small Business POS is a new loan origination portal custom-designed to directly serve the market for PPP loans, available at no cost to Finastra customers. Fusion LaserPro, Finastra’s loan documentation software, has been updated to ensure all PPP loans are compliant, containing all necessary documents and disclosures put forward by the Small Business Administration (SBA) and U.S. Treasury. Together, these products provide a platform for E-Tran submission of SBA PPP loans and the associated documents and disclosures. In addition, the application process can be electronically streamlined by collecting the borrower’s application and supporting documentation using Finastra’s ProSign Online, creating a virtual working solution.
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