BROOKFIELD, Wis.–With Congress approving another $300 billion in funding for the Paycheck Protection Program, Fiserv said it has added new functionality to help financial institutions access the program.
As CUToday.info reported, approximately $60-billion of the new funding is set aside for smaller, community-based lenders.
Fiserv said its SBA PPP solution, which is already in use at community banks and credit unions, now includes an application programming interface (API) to further streamline access to the SBA E-Tran system.
“Connectivity to the E-Tran portal through this API reduces or eliminates the need for manual data entry and can facilitate faster underwriting, decisioning, and disbursement to ensure much needed funds are delivered to the nation’s small businesses faster,” the company said. “Automated workflow, routing and approvals, document management, servicing, and forgiveness management tools round out the end-to-end solution, resulting in a streamlined application submission and approval process.”
Identifying Opportunities
Fiserv added that through its referral partners it is helping small businesses that use Fiserv solutions, such as the Clover point-of-sale platform, identify opportunities to apply for PPP funding with participating financial institutions.
“The environment for SBA PPP lending has proven to be dynamic, and we’ve seen community banks and credit unions working around the clock to support businesses seeking these critical loans,” said Todd Horvath, group president of Account Processing at Fiserv, in a statement.