Blue Prism Partners with Lateetud to Automate Second Round of SBA PPP Funding

Intelligent Automation Solution Powered by Blue Prism and Microsoft Helps Small Businesses Survive the Pandemic

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Feb 02, 2021, 08:00 ET

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.

SOURCE Blue Prism