FIS Sees Robust Processing Volumes on Real-Time Lending Platform for Latest Round of PPP Loans
FIS (NYSE: FIS) reported strong processing activity in the latest funding phase of the SBA's Paycheck Protection Program. In just two weeks, FIS processed nearly $8 billion in loan applications for over 63,000 businesses. This funding is part of the additional $284 billion allocated under the CARES Act. FIS has streamlined the loan application process with a self-service portal, with around 80% of applications submitted through it. The initiative underlines FIS’s commitment to support small businesses amid ongoing challenges.
- Processed nearly $8 billion in PPP loans in two weeks.
- Served over 63,000 U.S. merchants and small businesses.
- 80% of loan applications submitted through self-service portal, indicating high user engagement.
- Continuing support for small businesses through innovative technological solutions.
- None.
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
The newest round of subsidized PPP small business funding is enabled under the additional
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.”
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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