Fidelity National Information Services Inc. is updating its real-time lending platform to enable U.S. banks and credit unions to provide loans and other critical economic relief to small businesses and merchants under the Small Business Administration's Paycheck Protection Program within the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act.
FIS is working with several financial institutions to leverage its real-time lending platform, which digitizes and automates the lending process, to help banks and credit unions meet their loan demands.
According to the company's news release, the SBA-approved platform is being used by a range of financial institutions to originate a high volume of loans and can be scaled to meet anticipated demand under the Paycheck Protection Program.
In addition, FIS is waiving minimum monthly service charges for the month of April for its U.S. and U.K. merchant clients. The company is also providing other services, including free virtual terminal access for U.S. merchants and retailers.