Blue Prism Partners With Lateetud to Automate Second Round of SBA PPP Funding
Intelligent Automation Solution Powered by Blue Prism and Microsoft Helps Small Businesses Survive the Pandemic
Blue Prism and Lateetud are partnering to offer a turn-key, SaaS solution for fast tracking loans offered as part of the Small Business Administration (SBA) Paycheck Protection Program (PPP). By accelerating the loan application and forgiveness process, this cloud-based solution reduces processing time from weeks to just a few hours, helping small businesses stay afloat during the pandemic.
With $284 billion in new funding just approved, providing economic relief for American workers, families and small businesses is mission critical. The Lateetud solution maximizes the benefits of Blue Prism intelligent automation, Microsoft Power Platform, and Azure Form Recognizer, an Azure Cognitive Service within the Azure AI platform, to automate the entire end-to-end loan origination and forgiveness process, giving banks and SBA lenders the intelligence needed to make complicated decisions faster.
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“The ability to complete review and approvals in under two minutes is a huge advantage for banks and SBA lenders as they navigate the upcoming wave of PPP funding. Combining Microsoft Power Platform components with Blue Prism’s intelligent digital workforce optimizes collaboration and orchestration of people, process and systems for a complete solution that’s cloud-based and deploys in less than a week”, says Linda Dotts, chief partner strategy officer, Blue Prism
The joint solution supports:
- Expedited processing: validate, calculate, record, submit, track requests in minutes, not days.
- Business transparency: real-time reporting and insight into current processing time, staff utilization, as well as case status and load.
- Content intelligence: convert unstructured documents into structured, usable content for further processing.
- Increased efficiency: execute fast and accurately with a digital workforce complementing existing employees.
- Full case management: orchestrate unpredictable circumstances; achieve optimal outcomes and efficiencies.
- Enterprise security & scalability: produce a full audit trail with 100% compliance & accuracy.
- Web and mobile customer front-end: collaborate with customers and lending staff efficiently via intelligent chatbot.
- Production-ready deployment: deploy in 48 hours, on-prem or in Microsoft Azure.
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“Partnering with Microsoft, Blue Prism and Lateetud are helping lenders automate the processing of small business loans for loan origination and the Federal Paycheck Protection Program (PPP). Azure Form Recognizer plays a critical role by extracting text, tables and key value pairs to efficiently convert unstructured loan information into structured data that can be quickly processed in the automation workflow,” says Neta Haiby – principal PM, Azure AI.
“The ability to respond and automate at this hyper-level is a game changer and made a real difference in people’s lives. We are closing in on saving around 85,000 jobs and $770 million in loans secured. With Lateetud delivering Blue Prism’s digital workforce, 99% of loans are processed on the day of application,” says Thomas Zernick, president, SBA lending division of at First Home Bank.