Reacting to the COVID-19 pandemic, the Federal Government provided $349 billion of loan funds to support SMBs. Due to the extremely high demand for these loans, most organizations – including banks and the SBA itself – faced operational turmoil and bottlenecks in application handling and approval processes.
UiPath Robotic Process Automation is the solution enabling the automation of operations related to the application and approval of these processes as follows:
When an application arrives, the robot extracts borrower information from forms such as PPP/941/940/944/100 Misc.
Then the robot performs detailed loan verification checks, with rule based decisions. Human interaction can be involved too.
After verification and approval as needed, the robot sends all necessary data to the SBA through API integration.
What are the exact benefits of automating CARES Act and PPP loan applications?
After implementing robotic automation, average time for processing an application drops by 90%, from 30 minutes to 3 minutes.
Robots start their tasks immediately after implementation, hence processing applications 24/7 thereof.
As human errors are minimized or eliminated in the process, application document become more accurate while SBA filing becomes automated too.
Since the tools for autoamting the processes described below, implementation is radically faster and less invasive compared to different enterprise IT implementations.
RPA enable interactions with various additional IT systems without API integration. That is, RPA mimics human behavior, thus processes data on the screen and in databases.
The eligibility verification consists of checking:
• Less than 500 employees or fitting SBA Employee Based Size Standard?
• Business existed as of February 15 2020?
• In case of a franchise business, perform additional checks as required
• Will the loan be used for payroll costs, healthcare benefits, rent, utilities or mortgage?
• The UiPath robot loads data from Core Systems for filling the lender form
• The PPP lender application form is prepared by the robot and converted into data extract
• If there’s an anomaly, Bank’s Ops can review the application and modify it as needed
Robots can be cofigured for multiple tasks. Hence, the afterlife of approved loans can be automated too with UiPath RPA bots. The same robots which automated applications, are now able to perform completely different tasks; in this case these robots shall be configured again for the new tasks. Therefore:
• Robots can be reused after application periods are over
• Robots enable automation in back office processes
• Given their flexibility, robots can be reconfigured for new custom tasks as needed
A complete journey in automation and your robots' future on the long run.
Integration and automation of legacy mainframe systems, such as IBM I Series (AS/400) with UiPath RPA.
Repetitive human tasks in back office processes can be automated by integrating UiPath in the existing BPM environment.
UiPath RPA is used by the Federal Bank to keep compliance operations costs low and meet regulatory requirements – all this in half the time than before.
Following reconfiguration, verification, checks and approvals for forgiveness cases can be automated by the same UiPath RPA agents which performed the application management, hence maximizing return on investment.
Our proprietary SaaS BPM suite xFLOWer enables visual business process creation, modification and implementation without coding. xFLOWer is used by financial institutions, telecommunication corporations, retailers and service provider enterprises.
UiPath RPA and xFLOWer BPM suite is available in one integrated solution, enabling high level back office process automation. End to end business processes are managed by xFLOWer BPM, while desktop tasks are performed automatically by UiPath RPA agents, hence resulting in maximum cost reduction.
xFLOWer Inc. is a dynamically growing European IT enterprise with more than 20 years of operation. During the past decades, we developed mature technology solutions for BPM, on which we base our reliable IT solutions. xFLOWer is one of the most comprehensive BPM and document management tool in the CEE region that supports financial, telecommunication, utilities retail and various other large enterprises in achieving more effective business operations and business process automation.
Our partnership with UiPath enables us to deliver hyperautomation solutions, which combine the power of BPM and RPA in order to achieve never before attainable levels of back office automation. We also provide BPM and RPA solutions as standalone services, thus, in case your company already obtained one of our solutions, we can still provide support with implementing the other.