With the passing of the CARES Act, helping our clients get the much needed money distributed within their communities is critical. As a cooperative technology provider for community-based financial institutions, we developed a solution to expedite the Paycheck Protection Program (PPP) administered by the SBA. Our Digital PPP SBA Loan App is a highly integrated solution with built-in workflows so applicants and financial institutions can walk through the loan process quickly and efficiently. Integration with our core solution, digital banking platform, and priority loan origination system, automatically populates the applicants personal information, provides a secure place to communicate and upload documentation and automatically books the loan into the core solution for quick disbursement of funds. Getting money into the hands of people that need it is critical for our community financial institutions to continue servicing their communities.
Ease of Use
- Applicants utilize a seamless workflow through their financial institution’s secure online channel. The applicants’ information will automatically populate, and step-by-step instructions will guide them through the process, including the uploading of required documentation.
- Financial institutions receive an automatic upload of the online application into a proprietary loan origination solution, which walks them through a workflow for underwriting, review, and submission to the SBA.
- Financial institutions will utilize this process free of charge through the online app tool, use of COCC’s proprietary LOS, and with existing solutions.
- Customers are automatically authenticated after they access the online banking channel.
- A bi-directional flow of information assists with both creating the application and booking the finalized loan.
- Once a loan is approved, the LOS automatically books the loan to the core solution and disburses the funds
- The end-to-end process is completed within a secure channel, protecting personal information and documentation through the application submission.
- The entire process is managed through COCC’s environment, without needing to pass data through a third party.
- Authentication and KYC is completed through trusted, existing solutions.