April 14, 2020

Digital banking

Fintechs help banks manage deluge of emergency small-business loans

Within days of enactment of the federal Paycheck Protection Program, online lenders, core-system providers and software companies churned out platforms and portals — often built on existing technology — that allow banks to accept applications under the relief program, originate loans, automate the underwriting process, collect documents and transmit the information to the Small Business Administration’s processing system.

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