New data integration and identification technology automates and verifies loans for Paycheck Protection Program
PayNet, an Equifax company that provides credit and analytics on small and medium enterprises (SMEs), launched the PayNet P3 Data Pack. The new platform provides critical integration, automation, and verification technology to help lenders expedite Paycheck Protection Program loans to small businesses.
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“Technology is the key to getting much needed capital to Main Street,” said William Phelan, senior vice president and General Manager at PayNet. “By automating Paycheck Protection Program loan application data, lenders can significantly reduce friction and time to fund these loans. Our database has credit data and records on more than 30 million small businesses, easing the identification and decision-making process for making these loans quickly and confidently.”
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The PayNet P3 Data Pack integrates into lenders’ existing loan origination systems or direct to SBA-approved institutions. The platform also connects to SME accounting platforms through the PayNet FSR application to allow borrowers to securely and seamlessly share financial documents with lenders.
“Streamlining loan processing can expedite funding, which can speed relief to small businesses and help keep people employed. We continue to work with the many parties involved to get these tools in place to accelerate Paycheck Protection Program loans,” Phelan added.
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