Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Temenos: Lack of tech is slowing CLBILS loans processing

The UK government’s financial support package for medium and large companies impacted by COVID-19 is heavily dependent on the right technology to process applications fast enough, according to the CEO of Temenos.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS), the UK government’s plan for offering financial support for larger businesses, was announced by the Chancellor Rishi Sunak last week and launches today, 20 April.

Max Chuard, the CEO of Temenos

Max Chuard, the CEO of Temenos

The plan allows businesses with a turnover of more than £45 million to apply for government-backed support, while companies with a turnover of more than £250 million can borrow up to £50 million from lenders. The measures come on top of existing support plans COVID Corporate Financing Facility (CCFF) and the Coronavirus Business Interruption Loan Scheme (CBILS).

Max Chuard, the CEO of the banking software provider, is drawing attention to the use of outdated tech.

“One of the main reasons for the slow pace of funds dispersal in the UK with the CBILS programme is lack of the right technology. Call centres are ill-equipped to cope with demand and in many cases the application process is arduous, requiring applicants to download a PDF, print, complete, scan and send it back,” he said.

However, Chuard noted, the digital technology exists which can enable the rapid processing of loans applications. Temenos used less than a week to help US banks and credit unions accelerate loan applications to small businesses under the equivalent US scheme, the Small Business Administration Paycheck Protection Program (PPP).

“In this time of disruption, it is vital that banks use the latest technology to speed up the digital onboarding and processing of loans. In doing so, banks are able to save UK businesses’ from collapse and help to safeguard the economy.

“Manual intervention significantly slows down the processing of applications, but using Explainable AI (XAI), for example, can expedite and dramatically improve accurate decision making, helping frontline staff to streamline and automate manual processes and process huge volumes of applications faster. Most importantly all XAI automated decisions can be explained in human language as they take place to the bank employees, the customers and the regulators,” the Temenos CEO said.

Related IBS Intelligence Research

Related Posts

Rapyd logo

Rapyd completes acquisition of Iceland’s Korta

UK-based Rapyd, has completed the acquisition of Korta, an Iceland-based payment card service provider. Rapyd helps merchants, gig-economy platforms, and technology providers create and launch applications without having to build payments infrastructure. Korta provides merchants with a range of in-store and digital payment acceptance solutions. The deal was originally announced in April 2020. Rapyd CEO […]

This post is only available to members.

Read More »
P20 logo

P20 analyses global Payee Verification approaches

P20 has published its interim report Payee Verification: Overview of Approaches used by Credit-Push Payment Systems. The report from P20’s Regulation Working Group which focuses on criminal transactions and fraud, examines the approaches being used to reduce authorised push payment (APP) fraud and compares the methods being used in the US, UK, and Australia. The […]

This post is only available to members.

Read More »

Signicat: 41% of Europeans shut off from financial services in lockdown

Digital identity specialist Signicat has found that 41 per cent of consumers across Europe have been unable to access new financial services as a result of lockdown restrictions and a lack of access to digital options. In a research report, the Norwegian identity provider found that while consumers have had to turn to online and […]

This post is only available to members.

Read More »

OpenPayd releases crypto banking and payments service

API-led Banking-as-a-Service provider, OpenPayd has released its banking and payments solution for digital currency businesses. The service is expected to provide cryptocurrency businesses with access to a range of banking and payment networks. According to OpenPayd, the platform will offer crypto businesses with access to crypto-friendly banking, simplified cryptocurrency purchase, fiat and digital currency exchange […]

This post is only available to members.

Read More »

Adyen expands acquiring capabilities to Malaysia

Adyen, an Amsterdam-based global payments platform, announced the expansion of its acquiring capabilities to include Malaysia. The company has launched its acquiring solution in Malaysia to help local businesses achieve higher authorization rates, better customer experience, and deeper data insights as the Malaysian market transitions to online payments. “Rolling out our acquiring solution in Malaysia demonstrates […]

This post is only available to members.

Read More »