Kofax, a leading supplier of Intelligent Automation software to digitally transform end-to-end business processes, and ImageTech Systems, announces a loan processing solution providing financial institutions with cognitive capture, software robots and process orchestration capabilities to expedite loan applications submitted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP). Available on Kofax SmartHub, this pre-built intelligent automation solution significantly reduces the stress placed on loan processing functions due to higher volumes of government-backed loan applications and depletions to workforce capacity resulting from the COVID-19 pandemic. Congress is expected to extend funding for the PPP this week.
“Kofax is the only company to combine these technologies into a single platform which simplifies deployment”
The loan processing solution combines the capabilities of Kofax Robotic Process Automation (RPA) and Kofax TotalAgility to extract, manage and audit data between the lender and the U.S. Small Business Administration (SBA). By using Kofax RPA with its embedded artificial intelligence capabilities, including Natural Language Processing (NLP), loan application information can be accurately extracted from multiple channels and inputs. With process orchestration capabilities from Kofax TotalAgility, the entire process can be managed from initial application submission through auditing and final communication to the customer.
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“Kofax and ImageTech Systems recognize time is of the essence for these businesses. This intelligent automation solution can help expedite loan processing and ensure small businesses receive the aid they need faster during this crisis,” says Chris Huff, Chief Strategy Officer at Kofax. “This collaboration demonstrates how quickly processes can be automated using the Kofax Intelligent Automation Platform.”
