OmniConnect CARES Queue Streamlines the PPP Loan Submission Process for Financial Institutions
Financial institutions, the vendors that support them like loan origination systems and the Small Business Administration are all integral in ensuring that small businesses get the money they need quickly to stay operational during the COVID-19 Pandemic.
With Treasury Department officials preparing to ask Congress to commit another $200 billion to replenish the small business CARES (Coronavirus Aid, Relief, and Economic Security) Program, the demand for these loans is only going to increase.
While financial institutions are busily preparing to help their small business customers, NXTsoft has developed the OmniConnect CARES Queue to ensure vendors and the financial institutions they support have the highest quality of service when attempting to apply for SBA loans via the E-Tran system.
The CARES Queue will:
- Take your SBA PPP digital loan applications and queue them automatically into the SBA E-Tran for review.
- If the system is down, the CARES Queue ensures that the client's applications will be processed in a first in, first out order.
- It will constantly ping the SBA E-Tran system and will resume processing as soon as SBA E-Tran goes back online.
- After acceptance, the SBA Loan Application number will be automatically fed to your Loan Origination Solution of choice.
- During this process, it will give you data in which you can share the status and place in the queue with the customer on your digital channel of choice or just keep it internal to your team.
“Everyone is overwhelmed with how quickly things are changing and doing their best to keep up with the demand for the CARES Act loans,” said Rich Longo, division president of NXTsoft’s Omni. NXTsoft’s CARES Queue streamlines this process for loan vendors and the financial institution’s they support ensuring expeditious service for the financial institution and in turn their small business customers,” he said.
To complement the OmniConnect CARES Queue, OmniConnect is offering the OmniConnect SBA CARES Connector. The SBA CARES connector finalizes the loan boarding process by taking the approved E-Tran application and processing it through to the vendor's core system.
When coupled together, the vendor is receiving an end to end solution that streamlines the SBA PPP program and relieves the burden caused by any possible system outages from the SBA. Through this solution, vendors can ensure clients are receiving the best support and the backing of NXTsoft's Omni platform which has 25+ years in connectivity solutions.
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