TCS develops cloud solution to help US banks process loan forgiveness requests

Mumbai-based Tata Consultancy Services (TCS) has developed a cloud-based, end-to-end solution to help banks in the US process loan forgiveness requests.

Dubbed Small Business Loan Forgiveness, the solution aims to help banks cope with the high volume of loan forgiveness requests they receive as part of the Small Business Administration (SBA) Paycheck Protection Program, which was passed by the US Congress in March under the Coronavirus Aid Relief and Economic Security Act, the company said in a statement.

Read: TCS top execs take pay cuts; chairman pins hope on digital transformation post Covid-19

The scalable solution, run on the Appian platform, leverages a machine-first delivery model to provide a streamlined, predictable and auditable loan forgiveness function for banks, it said.

“TCS’ light-weight solution offers financial institutions the ability to quickly process forgiveness requests while ensuring strict adherence to guidelines laid down by the SBA. It is a readily deployable and user-friendly platform for lenders,” K Krithivasan, business group head for banking, financial services and insurance at TCS, said.

The low-code solution can be customised to meet a bank’s specific needs around branding and operations, the statement said. It can also help banks manage the surge in transaction volumes and provide back-end processing services too, it added. 

Earlier this month, TCS launched TCS WaferWise, a cloud-based solution to detect wafer anomalies in semiconductor manufacturing. The solution leveraged custom artificial intelligence (AI) models to automatically detect and classify anomalies by analysing nano-scale images generated during the semiconductor manufacturing process.