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Automated Loan Closing for SBA and the Paycheck Protection Program

Posted by Jessica Toney | Apr 9, 2020 2:10:00 PM

FOR IMMEDIATE RELEASE

Loveland, Colorado, April 9, 2020ProSign Online, powered by Epic River, the simple, secure, and compliant eSignature solution developed for financial institutions, is proud to announce financial institutions now have the ability to embed SBA applications on their websites as well as facilitate SBA-compliant loan closings.

Epic River partners with global financial technology leader, Finastra, to provide opportunities for financial institutions to serve their communities. These features will allow borrowers to complete and sign any form safely without having to leave home and all without increasing the load on overloaded bank staff. Notably, borrowers will be able to apply for the Paycheck Protection Program available through the CARES Act.

Identification and authorization is enhanced to provide financial institutions the confidence they need to move quickly and effectively to deliver these much needed funds to their community. Borrower identity will be verified using a multitude of knowledge-based questions and advanced technology features for complete alignment with SBA regulations.

“The ability to access and sign documents from anywhere at any time is essential in this ever-changing landscape,” said Jeff Grobaski, CEO at Epic River. “We are proud to do our part in enabling small businesses to access the capital they need to help our communities and economy recover from this completely unexpected situation.”

ProSign Online has been improving operational efficiency for years now, offering:

  • Compliance - tight integration with industry leading loan and deposit systems
  • Security - a secure portal for document import, management, and direct export to archival systems
  • Ease-of-Use - a transaction dashboard with the capability for full visibility of transaction status
  • Adaptability - ability to sign any document and any transaction using pre-existing or custom documents
  • Flexibility - offering remote, synchronous signing from multiple signers and entities

“This is the fastest pace of change banks and credit unions have ever experienced,” said Epic River Director of Product Jessica Toney. “Our platform and our partnership with Finastra allows every community bank and credit union to have a formidable new way to deliver welcome relief to small businesses from the safety of their own home.”

For more information, click here.

About Epic River

Since 2005, the Epic River Platform™ has provided new banking concepts and better customer experiences to community banks and credit unions. Epic River brings together a community financial institution’s low cost of capital with our innovative platform to compete with the high-convenience and high-cost offerings of non-bank financing providers. Community banks and credit unions running on the Epic River platform are able to provide better loan terms, lower cost of closing and unsurpassed convenience to customers to improve the financial wellbeing of the community in which they live and work. The Epic River platform also powers the Finastra eSignature solution, ProSign Online, to provide our customers with a simple, secure and compliance-centric electronic document signing and delivery platform. For information, visit www.epicriver.com.

 

About Finastra

Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today – spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location – from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology. Please visit www.finastra.com.

 

Topics: News

Written by Jessica Toney

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