FIS Sees Robust Processing Volumes on Real-Time Lending Platform for Latest Round of PPP Loans
January 26 2021 - 12:46PM
Business Wire
Key facts
- Through the first two weeks of the newest round of the SBA’s
Paycheck Protection Program (PPP), FIS has facilitated nearly $8
billion of PPP loan applications for more than 63,000 merchants and
small businesses.
- Powered by new self-service features that pre-populate
application fields for merchants, FIS’ Real-Time Lending platform
makes access to PPP loans easier for merchants and for financial
institutions to process.
- FIS was one of the leading processors of PPP loan applications
in 2020, processing more than 225,000 loan applications for
America’s small businesses.
Financial technology leader FIS® (NYSE: FIS) announced today
that it is seeing robust processing volumes on its Real-Time
Lending (RTL) platform in the newest round of funding under the
Small Business Administration’s Paycheck Protection Program.
Through the first two weeks of the program, FIS has successfully
processed nearly $8 billion of PPP loan applications for more than
63,000 U.S. merchants and small businesses.
The newest round of subsidized PPP small business funding is
enabled under the additional $284 billion in funding approved in
December as part of the U.S. Coronavirus Aid, Relief, and Economic
Security (CARES) Act. FIS was one of the largest processors of PPP
loans in 2020, helping more than 225,000 merchants apply for funds
to help SMBs keep their workforce employed during the pandemic.
FIS is providing a convenient self-service portal to streamline
the process for merchants and businesses to apply for needed funds
through the new round of the PPP program. Through integration with
participating bank lenders, the FIS portal automatically pre-fills
merchant data, creating a quicker application process and seamless
experience.
Applicants can track the status of their loan application and
apply for forgiveness through the same online portal—providing
visibility throughout the loan-to-forgiveness process. FIS said
that about 80 percent of the loan applications it has processed in
this new round of PPP funding have been submitted through its
self-service portal by small businesses.
“Having assisted thousands of our customers through the impact
of the pandemic over the past year, we understand the challenges
many merchants and small businesses are facing in navigating the
complexity of the PPP lending process,” said Rob Lee, head of
Global Core Banking and Channels, FIS. “We are excited to see how
our technology and tools can help our customers quickly access the
capital they need to survive and thrive.”
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our employees are
dedicated to advancing the way the world pays, banks and invests by
applying our scale, deep expertise and data-driven insights. We
help our clients use technology in innovative ways to solve
business-critical challenges and deliver superior experiences for
their customers. Headquartered in Jacksonville, Florida, FIS is a
Fortune 500® company and is a member of Standard & Poor’s 500®
Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
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version on businesswire.com: https://www.businesswire.com/news/home/20210126005929/en/
For More Information Kim Snider, +1 904.438.6278 Senior
Vice President FIS Global Marketing and Communications
kim.snider@fisglobal.com
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