New, brandable PPP loan process platform automates application and forgiveness submission workflows to streamline institutions’ operations.
Xamin, a leading provider of managed IT services for highly regulated and reputation-sensitive companies, announced today its partnership with PSC Group, a professional services and information technology consulting firm, to create a new Paycheck Protection Program (PPP) loan process platform, aimed to help financial institutions streamline and accelerate the processing of applications and facilitate the forgiveness of funds.
After facing the initial challenges that came with the PPP application process, business owners and financial institutions will soon face the next step – loan forgiveness. The U.S. Department of the Treasury has provided guidelines, however, there will still likely be challenges.
According to a recent survey from Cornerstone and Autobooks, almost half of small businesses between $100,000 and $50 million in revenue still rely on spreadsheets for their accounting, and 10 percent of businesses with less than $1 million in revenue have absolutely no technology to support their accounting efforts. Tracking “forgivable” expenses will be difficult for these businesses. Financial institutions will also likely face challenges, from servicing the non-forgiven portions of loans to debt categorization, potential audits and even customer service challenges, according to an article in Forbes.
To streamline both the application and forgiveness processes of these loans, Xamin and PSC Group leveraged its industry expertise as well as input from bank partners to create a customizable platform, specific to PPP loans. Owned by the bank, the platform provides the institution with a customizable and brandable front-end form for PPP loan applications and forgiveness. The new platform also utilizes Microsoft Office 365 SharePoint for file storage and Nintex for Workflow Management, which are both SOC certified to ensure the privacy and security of the small business customer’s data while also ensuring regulatory compliance for the institution.
“We know small businesses are depending on these lifeline loans to survive and with the volume of loans to be processed coupled with operational challenges, it is critical to ensure that the SBA loan process is quick and accurate,” said Nate Pave, Business Development Manager at PSC Group, LLC. “Our team is proud to partner with Xamin, delivering the secure, compliant solution needed to streamline SBA loan and forgiveness processing at financial institutions.”
“With continued demand and talks of a third round of SBA PPP loans, the platform will not only streamline the forgiveness process, but accelerate the application process for small businesses still in need of funding,” said Jonathan Smith, CEO at Xamin. “Our new platform significantly reduces the time from application to eTran submission by automating and simplifying the documentation collection and submission process for financial institutions.”
Smith continued, “With the end-to-end security powered by SOC certified vendors – Nintex, Adobe Sign and Microsoft Office 365 SharePoint – our SOC certified team is confident the security and privacy of an institution’s data is well protected.”
For more information, watch Xamin and PSC Group’s latest webinar on how the customized PPP loan process platform helps financial institutions automate and accelerate their SBA loan processing and forgiveness.
If you are a financial institution or loan processor and would like more information on the solution, please contact Nate Pave from the PSC Group at firstname.lastname@example.org or (847) 969-8425.
About PSC Group, LLC
With offices in Schaumburg, IL and Overland Park, KS, PSC Group is a professional services and information technology consulting firm that understands technology is fundamental in the development of business solutions. The company uses proven and emergent technology to design, deliver and service solutions and is focused on turning IT into an effective, strategic resource that improves efficiencies and work streams, delivers a measurable return on investment, and helps companies grow. PSC Group specializes in digital transformation and focuses on process automation, business intelligence and creating the modern workplace. To learn more, visit psclistens.com.
Founded in 1999, Xamin offers industry leading managed IT services to financial institutions as well as other highly regulated and reputation-sensitive industries. The organization provides a suite of technology solutions including infrastructure, security, cloud, data protection and professional services. Xamin specializes in transforming IT to a revenue driving capability for an organization rather than a cost and compliance challenge. Its consultative, “white glove” approach ensures its services meet the needs of the customer and auditors. Xamin has committed annually to the examination and reporting of controls in a service organization under the SOC2 Type II certification. For more information, visit www.xamin.com.