The new solution enables banks to quickly process high volume of loan forgiveness requests expected under the SBA paycheck protection programme
India-based Tata Consultancy Services (TCS) has developed a cloud-based solution to help banks accept and process loan forgiveness requests under the small business administration (SBA) paycheck protection programme (PPP).
The SBA paycheck protection programme is implemented under the coronavirus aid relief and economic security (CARES) Act passed by the US Congress.
According to the company, US banks have disbursed most of the allocated $659bn in loans and anticipate to process a high volume of loan forgiveness requests from businesses towards amounts spent on eligible payroll and non-payroll expenses.
Small Business Loan Forgiveness solution will help banks process forgiveness requests
TCS’ Small Business Loan Forgiveness solution is designed to offer a streamlined, predictable and auditable loan forgiveness function for banks.
It is an automated, secure, highly scalable, and ready-to-deploy low code solution on the Appian platform, which leverages the Machine First Delivery Model.
With self-service and guided channels, the solution allows businesses to initiate forgiveness requests, and leverages intelligent automation to facilitate verification of loan utilisation evidence.
In addition, the solution will complement SBA guidelines and transparency through timely customer communication and an intuitive dashboard. The company also provides back-end processing services to help banks manage the surge in transaction volumes.
TCS said that its configurable, low code solution can be deployed within days.
It can be rapidly tailored to meet a bank’s specific needs around branding and operations for enhanced customer experience.
TCS banking and financial services & insurance business group head K Krithivasan said: “The PPP is a massive effort by the US government to assist small businesses impacted by the pandemic. Its success depends on the efficient and transparent administration of the program by banks.
“TCS’ light-weight solution offers financial institutions the ability to quickly process forgiveness requests, while ensuring strict adherence to guidelines laid down by the SBA. It is a readily deployable, reliable, compliant and user-friendly platform for the lenders, with better customer experience and streamlined business processes.”
TCS is an IT services, consulting and business solutions firm that offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.