Temenos (SIX: TEMN), the banking software company, today announced that its digital omnichannel product Temenos Infinity enables U.S. banks and credit unions to expedite applications for small business loans under the Temenos Infinity program. United States Small Business Administration (SBA) paycheck protection (PPP). .
Implemented under the American CARES (Coronavirus Aid, Relief, and Economic Security) law, the PPP aims to immediately inject $ 349 billion in rescue loans for small businesses affected by the Covid-19 pandemic. Banks had to respond to new government demands within a week. As reported in the press, banks varying in size from large Tier 1 banks to regional banks and credit unions are experiencing unprecedented demand for loans from businesses and are struggling to meet demand volumes.
Temenos is already enabling banks to deploy a digital experience for customers who request a PPP. Temenos was able to deliver a specific PPP digital loan application solution with integrated 4-day processing workflows. This allows small businesses to apply for financing digitally without the human assistance of the bank and includes built-in quality checks to ensure that required fields are filled out so that it does not need to be reworked and delayed. loan processing. The digital portal also helps streamline the request for funds for banks to route to the SBA E-Tran system for approval. With Journey Manager, part of Temenos Infinity, Temenos can deliver flexible and agile digital workflows to accelerate customer journeys from loan requests to account opening and KYC due diligence. Additionally, Temenos enhances its Temenos Infinity product with additional functionality for SMEs by automating decision options through its Explainable AI (XAI) platform, while allowing banks to explain in plain language to their customers and regulators how AI-based decisions are made.
Kelly Dakin, Director of Digital and Customer Experience, Atlantic Union Bank, said, “Our top priority in these unprecedented times is to support our small businesses and commercial customers. By working with Temenos’ dedicated and client-focused team, we were able to create a brand new digital lending portal specifically for PPP in less than a week. But, more importantly, through this work, we continue to support our corporate clients and their employees, so that they can receive funding and support when needed. ”
Alexa Guenoun, President, Americas and Global Head of Partners, Temenos, said, “We are proud to support financial institutions to in turn help small businesses apply for rescue loans and accelerate economic aid during this time. disturbance. Our teams – Temenos and the banks – work tirelessly to deliver projects in days that would normally take months. We are delighted that we were able to help Atlantic Union Bank process loan applications and support small businesses and their employees. Temenos’ advanced cloud technology gives banks the flexibility and agility to digitally meet rapidly evolving customer needs and respond immediately to new government requirements.
Christine Barry, Research Director, Wholesale Banking Services, Aite Group said: “Banks are struggling to understand the implications of Covid-19 not only because they need to ensure seamless business and operational continuity. of their systems, but because they must also react. exceptional requests from governments such as the PPP in impossible deadlines. Temenos Infinity, with a dynamic digital banking user experience and flexible technology, can help banks meet immediate customer and regulatory demands, as well as anticipate future changes such as new stimulus packages or changes in business lines. application process.