Tata Consultancy Services, a global IT services, consulting and business solutions organization, has announced the development of a cloud-based, end-to-end solution to help banks accept and process forgiveness requests as part of the Small Business Administration (SBA) Paycheck Protection Program (PPP) under the Coronavirus Aid Relief and Economic Security (CARES) Act passed by the US Congress.
Having disbursed most of the allocated $659 billion in loans, banks now expect to process a high volume of loan forgiveness requests from businesses towards amounts spent on eligible payroll and non-payroll expenses.
TCS has developed the Small Business Loan Forgiveness solution, an automated, secure, highly scalable, and ready-to-deploy low code solution on the Appian platform, leveraging the Machine First™ Delivery Model, to provide a streamlined, predictable and auditable loan forgiveness function for banks.
The solution provides self-service and guided channels for businesses to initiate forgiveness requests, and uses intelligent automation to enable verification of evidence of loan utilization. It ensures adherence to SBA guidelines and transparency through timely customer communication and an intuitive dashboard. Additionally, to help banks manage the surge in transaction volumes, TCS will provide back-end processing services.
The highly configurable and low code solution can be quickly customized to meet a bank’s specific needs around branding and operations for an enhanced customer experience, and deployed within days.
“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,” said K Krithivasan, Business Group Head, Banking and Financial Services & Insurance, TCS. “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 better customer experience and streamlined business processes.”
