Financial technology leader FIS® (NYSE: FIS) announced today that it is seeing robust processing volumes on its Real-Time Lending (RTL) platform in the newest round of funding under the Small Business Administration’s Paycheck Protection Program.
Through the first two weeks of the program, FIS has successfully processed nearly $8 billion of PPP loan applications for more than 63,000 U.S. merchants and small businesses.
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The newest round of subsidized PPP small business funding is enabled under the additional $284 billion in funding approved in December as part of the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act. FIS was one of the largest processors of PPP loans in 2020, helping more than 225,000 merchants apply for funds to help SMBs keep their workforce employed during the pandemic.
FIS is providing a convenient self-service portal to streamline the process for merchants and businesses to apply for needed funds through the new round of the PPP program. Through integration with participating bank lenders, the FIS portal automatically pre-fills merchant data, creating a quicker application process and seamless experience.
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Applicants can track the status of their loan application and apply for forgiveness through the same online portal—providing visibility throughout the loan-to-forgiveness process. FIS said that about 80 percent of the loan applications it has processed in this new round of PPP funding have been submitted through its self-service portal by small businesses.
“Having assisted thousands of our customers through the impact of the pandemic over the past year, we understand the challenges many merchants and small businesses are facing in navigating the complexity of the PPP lending process,” said Rob Lee, head of Global Core Banking and Channels, FIS. “We are excited to see how our technology and tools can help our customers quickly access the capital they need to survive and thrive.”
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