More than 280 financial institutions have partnered with Jack Henry Lending to digitally capture and conditionally approve Paycheck Protection Program (PPP) loans.
Jack Henry & Associates is a provider of technology solutions and payment processing services primarily for the financial services industry. The company has processed more than 38,000 PPP loan applications, totalling more than USD 4 billion in potential funding, according to the official press release.
Its bank and credit union clients received an average of 134 applications each, and completion rates are very strong, averaging 80%, according to the official press release. Jack Henry Lending expanded its commercial lending suite of solutions in a matter of days to offer the capabilities banks and credit unions need to efficiently support these loans and manage the high volume of loan applications generated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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