Artificial Intelligence Banking Business Fintech Fintech Funding News

Hancock Whitney Brings Paycheck Protection Program Funds to 12,000+ Gulf South Businesses with Digital Lending from FIS and Numerated

Hancock Whitney Brings Paycheck Protection Program Funds to 12,000+ Gulf South Businesses with Digital Lending from FIS and Numerated

Hancock Whitney partnered with financial technology solutions leaders FIS and Numerated to digitally transform its business lending capabilities during the COVID-19 pandemic. Digital lending technology from FIS and Numerated allowed the bank to speed and scale approval of Paycheck Protection Program (PPP) loan applications to help expedite relief funds to more than 12,000 businesses across Mississippi, Alabama, Florida, Louisiana, and Texas.

Read More: SIMON Markets LLC and Raymond James Launch New Strategic Partnership for Annuities

Hancock Whitney launched its digital lending experience for PPP with FIS and Numerated less than a week after it began processing PPP loan applications. Subsequently, as of today, the bank has distributed more than $2.4 billion in relief funds to the Gulf South, with digital lending enabling the bank to submit to SBA for approval more than three loans per minute and fund many of these loans in the same day—a remarkable level of service during a critical period of need for businesses.

“As the CARES Act was passed and we began taking PPP applications, we recognized how critical the speed and scalability of digital lending would be to help businesses receive relief funds quickly,” said Hancock Whitney Chief Operating Officer Shane Loper. “With FIS and Numerated’s solution for the Paycheck Protection Program, we were able to get business approvals processed much faster, which enabled us to originate three months’ volume of loans in just three weeks. We look forward to using their streamlined platform for the next phase of the program to help support our clients with their requests for loan forgiveness.”

Read More: Strider Announces John Mullen, Former Assistant Director of CIA, Joins Company as Advisor

The FIS Real-Time Lending solution powered by Numerated is a SaaS platform that makes it easy for businesses to purchase financial products from banks and credit unions. Powered by rich data integration and artificial intelligence, the platform offers advanced digital lending and account opening capabilities that can be integrated with key back-office systems via API.

“What Hancock Whitney accomplished for small businesses in the Gulf South under the Paycheck Protection Program is a testament to the power of digital technology to transform the lending experience,” said Rob Lee, Head of Core and Channels at FIS. “Hancock Whitney’s work is proof that, with the right bank leadership and technology partners, digital transformation can happen quickly and make an immediate impact in elevating service.”

Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers

Related posts

Aegon To Sell Its Central And Eastern European Business To VIG

Fintech News Desk

First Citizens BancShares, Inc. and CIT Group Inc. Announce Transformational Partnership to Create a Top-Performing Commercial Bank

Fintech News Desk

Circle Appoints Mandeep Walia as Chief Compliance and Risk Officer

Fintech News Desk