LONDON, AUSTIN TX – February 2, 2021 — 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.Linda Dotts Chief Partner Strategy Officer, Blue Prism
The joint solution supports:
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.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.Thomas Zernick President, SBA Lending Division of First Home Bank
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