Appian Helps Banks Automate Lending under the CARES Act Payment Protection Program (PPP)
April 08 2020 - 9:00AM
Appian (NASDAQ: APPN) today announced an application that enables
banks to accept and manage PPP loan applications from small
businesses, support their unique servicing requirements, and ensure
compliance for Payment Protection Program loans under the new CARES
Act. The new application can be live in just days, and can be
quickly extended with advanced automation features including RPA
and AI-powered intelligent document processing. Appian will host
two webinars on these topics.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act’s
$350B Paycheck Protection Program (PPP) provides loans to small
businesses for the purposes of maintaining payroll and employing
workers during the pandemic. Small businesses need rapid approval
and access to these funds. Financial institutions must respond with
fast, efficient processes.
Appian’s application supports the full lifecycle of a new PPP
loan through the Small Business Administration (SBA):
- Loan application online, through a call
center, or through intake of the SBA standard form via email or
paper. Form submissions can be extracted using Appian’s AI-based
Intelligent Document Processing capabilities.
- Loan qualification, including initial
eligibility survey, document collection, qualification, and digital
signature collection. Loan applications are automatically generated
and can be passed to the SBA’s E-Tran portal for SBA approval using
Appian RPA bots.
- PPP application fee reimbursement with
automation data collection and packaging for submission to the
SBA.
- Ongoing SBA reporting and compliance to
maintain federal guarantee status. Includes support for the unique
delinquency, plan modification, and forgiveness processes
associated with the new Act.
- Complete reporting and auditing for easy
business visibility into loan processing, as well as ongoing
compliance requirements.
“The PPP is a massive and unprecedented federal program, and it
is evolving on a day-to-day basis,” said Michael Heffner, VP of
Global Industries. “Appian’s low-code automation platform gives
banks the flexibility to build fast and adapt to these changes. We
enable them to automate their manual and hard to manage processes,
which is critically important in this current environment of
distributed workers.”
The application is available for purchase and can be implemented
by Appian or by any of Appian’s Global Strategic partners.
Appian will host two webinars featuring industry experts who
will discuss the Act and how it challenges banks to respond. The
webinars will feature a demonstration of how Appian can automate
new PPP-related processes:
Thursday, April 9 at 1pm EDT“Virtual Fireside
Chat: Ensuring Readiness to Support the Paycheck Protection
Program”
Appian’s Marc Wilson, Founder and SVP of Global Partners and
Industries, and Michael Heffner, Vice President of Global Industry
Leads, will discuss:
- What the PPP is and how it will work
- Why agile processes are critical to responding to the CARES
Act
- The key components necessary for banks to be PPP-ready
- Appian’s application for streamlining PPP loan automation
Register for the Fireside Chat at https://ap.pn/3c1PBgu.
Wednesday, April 15 at 10am and 4pm
EDT“Supporting the Payment Protection Program with Appian:
Standing Ready in Times of Urgent Need”
Join Michael Heffner, Vice President of Global Industry Leads at
Appian, for an overview and demonstration of how Appian can support
financial institutions during this ever-evolving situation. Based
on our Low-code Automation Platform, Appian offers a PPP
application that can be implemented in a matter of days to:
- Rapidly create a digital entry point for small business loan
applicants
- Generate business rules to govern to specific rules of the
PPP
- Manage fraud by detecting multiple applications from the same
borrower or from a nonexistent business
- Integrate with existing bank systems of record and with
industry standard tools like DocuSign, OCR, etc.
- Deploy on-prem or in Appian’s secure managed cloud depending on
bank’s needs
Register for the webinar at https://ap.pn/2Rko6a7.
The Appian Low-code Automation Platform allows global financial
services leaders such as Barclays, Credit Suisse, S&P, OCC,
Santander, and more to rapidly adapt to changing market conditions
and regulatory requirements. From new business and lending to
operational effectiveness and GRC, Appian delivers transformational
applications at the speed of low-code.
About AppianAppian provides a low-code
automation platform that accelerates the creation of high-impact
business applications. Many of the world’s largest organizations
use Appian applications to improve customer experience, achieve
operational excellence, and simplify global risk management and
compliance. www.appian.com
For Information Contact:Nicole GreggsDirector
of Media Relations+1 703-260-7868nicole.greggs@appian.com
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