- Program is available immediately to approved lenders
- Rapid implementation with services commencing in as little as 48 hours
DALLAS – Wednesday, April 8 – GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a dedicated fast track program to help lenders disburse the $349 billion in Small Business Administration (SBA) loans provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The program will allow financial institutions and non-bank lenders to create a streamlined process for account, business and identity verification, along with important compliance tools, within 48 hours of GIACT’s approval, using GIACT’s interoperable, single API solution.
GIACT’s program will quickly help financial institutions and other lenders responsible for the disbursements of funds to strengthen their identity and account verification processes in order to streamline enrollment, alleviate compliance concerns, mitigate fraud and ensure that legitimate businesses obtain the loans they need.
“Lenders are facing a historic challenge in being tasked to process an unprecedented volume of first-come-first-serve loan applications during this economic crisis,” said Melissa Townsley-Solis, co-founder and CEO at GIACT. “We’re already assisting banks and other lenders. We created this fast track program to help lenders manage their fraud and compliance risks as they onboard a large number of new customers in a short time period. GIACT is dedicated to helping lenders implement these solutions to rapidly assist the businesses that make up the backbone of our economy without allowing fraudsters to take advantage of this rapid pace.”
To address the unique challenges associated with SBA loan disbursements, GIACT is providing expedited deployment of its EPIC Platform® solutions, including:
- gIDENTIFY® | Optimize the identification process using the most current, comprehensive, accurate data available.
- gOFAC® | Accelerate compliance processing with automated, real-time OFAC screening.
- Beneficial ID® | Streamline the collection and processing of beneficial owners with a single, digital platform to meet the requirements of FinCEN’s Beneficial Ownership rule and CIP, including OFAC and KYC.
- gVERIFY® | Enable faster payments processing by using the routing and account number to provide real-time account status for consumer and business accounts.
- gAUTHENTICATE® | Verify account signatories through real-time verification of the authorized signatory on the bank account.
For an immediate consultation, contact a GIACT representative at 214-644-0450, ext. 226 or click here.
GIACT® has been helping companies verify valued customers since 2004. From financial to insurance, to retail, to solutions for your industry, GIACT offers customer intelligence for complete payment confidence. As the leader in providing real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions enable you to focus on providing unmatched customer experiences. Since our founding, we’ve processed billions of transactions for our more than 1,000 customers. For more information, visit www.giact.com or call 1-866-918-2409. Follow us on LinkedIn and Twitter.