Tech and brokerage service provider North Capital believes its financial crime-prevention systems will be perfect for the banks who can process Paycheck Protection Program (PPP) loan applications via its systems.
The scheme was announced earlier in April and authorises up to $349bn in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
“When the details of the Paycheck Protection Program were released by the Small Business Administration, we realised that some of the key elements of our technology – automated anti-money laundering checks, customer identification and verification, online transaction processing – could be applied to support this programme,” said Sara Borazan, Managing Director and Head of Business Development. “So we quickly organised a technology sprint and pushed a new processing platform live within three days.”
North Capital is an agent for three community bank lenders, collecting required documentation from borrowers, assisting in the completion of loan applications, and forwarding the packages to the bank for review and processing with the Small Business Administration.
“Our technology was designed to streamline and scale online processing of financial transactions,” said Jim Dowd, CEO of North Capital. “We have heard widespread reports that the program has been stalled by processing bottlenecks, and our goal is to help alleviate this pain point.” Nearly sixty small businesses have completed the P3Loans.com application process during the past week.
Copyright © 2020 FinTech Global