LONDON and AUSTIN,
Texas, Feb.
2, 2021 /PRNewswire/ -- Blue Prism (AIM: PRSM)
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.
"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.
"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.
Learn more about the SBA PPP loan solution -
http://bit.ly/3aqDj26.
Notes to editors:
About Blue Prism
Blue Prism is the global leader in
intelligent automation for the enterprise, transforming the way
work is done. At Blue Prism, we have users in over 170 countries in
more than 2,000 businesses, including Fortune 500 and public
sector organizations, that are creating value with new ways of
working, unlocking efficiencies, and returning millions of hours of
work back into their businesses. Our Digital Workforce is smart,
secure, scalable and accessible to all; freeing up humans to
re-imagine work. To learn more visit www.blueprism.com and
follow us on Twitter @blue_prism and on LinkedIn.
About Lateetud
Lateetud is a global award-winning
Intelligent Process Automation company. Lateetud is
focused on providing Intelligent Automation solutions to the
banking industry to automate loan origination, loan onboarding and
loan servicing. The company provides software, solutions and
implementation for Robotic Process Automation (RPA), Business
Process Management (BPM), and Data Extraction - often fueled with
cognitive capabilities such as natural language processing and
machine learning. Implementation services include architecture
setup, training, deployment and governance best practices, and
shoulder-to-shoulder automation modeling.
© 2020 Blue Prism Limited. "Blue Prism", the "Blue Prism" logo
and Prism device are either trademarks or registered trademarks of
Blue Prism Limited and its affiliates. All Rights Reserved.
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SOURCE Blue Prism