FinTechs Help Banks Ease The PPP Lending Pain
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.
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