Over 280 FIs partner with Jack Henry to process PPP loans

Tuesday 28 April 2020 05:24 CET | News

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.

The fully brandable solution assists financial institutions to deploy online applications for PPP loans and render conditional decisions based on Small Business Administration (SBA) requirements. The first round of funding was exhausted in just 14 days, and Jack Henry is committed to helping institutions and small business through the next round of funding, which Congress recently approved.

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Keywords: Paycheck Protection Program, PPP, US, loans, Coronavirus Aid, Relief, Economic Security, SMEs, Jack Henry Lending
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech

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