Leading the way in innovation for over 50 years, we build greater futures for businesses across multiple industries and 131 countries.
Our expert, committed team put our shared beliefs into action – every day. Together, we combine innovation and collective knowledge to create the extraordinary.
We share news, insights, analysis and research – tailored to your unique interests – to help you deepen your knowledge and impact.
At TCS, we believe exceptional work begins with hiring, celebrating and nurturing the best people — from all walks of life.
CHALLENGE
Banks in the US have disbursed around $ 659 billion to small businesses through the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In the next phase of the program, banks will need to process huge volumes of forgiveness requests for eligible payroll and non-payroll expenses of small businesses. The large volumes of requests will have to be serviced rapidly and cost effectively, ensuring adherence to SBA guidelines.
TCS SOLUTION
TCS offers a secure, cloud-based solution, developed in partnership with Appian, to help banks deal with the high volume of loan forgiveness requests. A ready-to-deploy solution, it provides a self-service option for small businesses to initiate forgiveness requests and leverages TCS MFDM™ to help banks verify the evidence of loan utilization and determine forgiveness amount adhering to SBA guidelines. While offering streamlined, predictable, and auditable functions for banks, the solution ensures transparency through timely customer communication and intuitive dashboard. With this automated, highly scalable solution, banks can meet the objectives and responsibilities toward the small business customers to offer PPP loan. This intelligent automated solution, backed by TCS Cognitive Business Operations, will help banks meet the objectives of the Paycheck Protection Program loan forgiveness in a timely and cost effective manner.
BENEFITS
With TCS’ cloud-based loan forgiveness solution, banks can: