Vuram, a hyperautomation services company specializing in low-code enterprise automation, is shortlisted as a finalist for the 2021 Banking Awards under the “COVID-19 Response by Fintechs” category. This category recognizes technology services and software providers for aiding and supporting the organization or individuals economically, socially, and financially during the pandemic.
Vuram’s innovative Automated Paycheck Protection Program, a Plug-N-Play end-to-end solution designed to help banks manage and process applications faster, support small business service needs, and ensure compliance under the CARES act is shortlisted for the awards.
According to Arjun Devdas, Senior Vice President of Services and Operations at Vuram, “We are honored to be shortlisted in the category for COVID-19 Response by Fintechs. Our focus to identify a solution combined with our low-code expertise continues to impact helping small business lenders to adapt and overcome the challenges posed by the pandemic. On this occasion, we would like to congratulate all the finalists and thank the Banking Tech team for recognizing excellence and innovation in the use of IT in financial services worldwide.”
Vuram’s solution that secured the nomination—the PPP—helps financial institutions handle loan origination and forgiveness on a single platform. Experts at Vuram developed the initial application in just two weeks on Appian, the low-code platform. Built with capabilities including collaboration, audit trail, and centralized document management, the application provides transparency to the process and control to the users.
Enterprises can implement the solution in just days while migrating all the existing cases to the application for free. Adopting the automated PPP helps streamline the processes across the lifecycle, ensuring certainty of information and increasing the speed of approvals, enabling banks and financial institutions to visualize their workload better and optimize resource allocation to meet the demand. The application is compatible on all devices, web, and mobile-friendly, with no lengthy implementation or custom branding requirements for PPP loans.