TCS launches Cloud powered Small Business Loan Forgiveness Solution for US Banks
TCS has now developed a cloud-based solution to help banks in the United States to process the requests for small business loan forgiveness.
US Congress approved a Small Business Administration (SBA) Paycheck Protection Program under the Coronavirus Aid Relief and Economic Security (CARES) Act.
The program was passed by the US Congress in the March under the Covid-19 Aid Relief and Economic Security Act, notes the announcement. SBA intends to forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities, notes SBA website.
Executive Opinion
K Krithivasan, Business Group Head, Banking and Financial Services & Insurance, TCS, said, "The PPP is a massive effort by the US government to assist small businesses impacted by the pandemic. Its success depends on the efficient and transparent administration of the program by banks. TCS’ light-weight solution offers financial institutions the ability to quickly process forgiveness requests while ensuring strict adherence to guidelines laid down by the SBA. It is a readily deployable, reliable, compliant, and user-friendly platform for the lenders, with the better customer experience and streamlined business processes."
TCS's Small Business Loan Forgiveness solution
The US Banks are expecting a high number of loan forgiveness requests that are eligible for payroll and non-payroll expenses. TCS has developed the Small Business Loan Forgiveness solution which complies with SBA guidelines.
The scalable solution runs on the Appian platform. It leverages machine learning, streamlines, auditable, and predictable loan forgiveness functions for banks. The low code solution can be easily customized to meet bank-specific needs around operations and branding, notes the announcement.
The scalable solution runs on the Appian platform. It leverages machine learning, streamlines, auditable, and predictable loan forgiveness functions for banks. The low code solution can be easily customized to meet bank-specific needs around operations and branding, notes the announcement.
It can also help banks to manage transactions of high volumes.
In April this year, TCS signed a deal with Israel bank to fully digitalize with the help of its core banking software suite BaNCS.
PC: Pablo, pixabay
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