Though specializing in accounts payable technology, Bottomline Technologies recently announced that its existing account opening technology has been customized to enable financial institutions to originate PPP loans.
Bottomline will deploy its account opening, on-boarding and fraud capabilities to ensure lenders comply with PPP loan requirements and accelerate their Know Your Customer (KYC) needs to provide funding to both new and existing SMB customers. Small businesses, meanwhile, can use the platform to apply online as fewer physical bank branches are available.
PORTSMOUTH, NH - Bottomline Technologies (NASDAQ: EPAY), a leading provider of financial technology that makes complex business payments simple, smart and secure, today announced an initiative to help the nation’s banks provide assistance and relief to small businesses adversely affected by the COVID-19 pandemic. Bottomline will provide banks with a simplified SBA loan application platform to originate online loan applications under the “Paycheck Protection Program.” Bottomline is making this platform available to any bank at no cost.
PYMNTS features Bottomline CEO, Rob Eberle in a conversation about what the company is doing to launch a solution designed to ease the SBA loan application burden on both banks and small businesses.
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