TAB bank selects MuleSoft as strategic partner to create Open Banking platform & streamline lending processes
By Pavithra R
TAB Bank is a modern, digital-only bank that specializes in serving small and medium enterprises (SMEs), which account for the majority of businesses in the United States. Its online-only customer base depends on digital experiences that are easy-to-use and connected. By integrating MuleSoft’s Anypoint Platform TAB Bank quickly meets customer expectations, and processes SME loans 60x faster than before.
“Prior to COVID-19, SMEs were underserved by traditional providers when it came to loans, but the pandemic worsened this reality. As the premier SME banking platform, we support our customers with the services they need not just to survive, but to thrive. MuleSoft is a strategic partner, allowing us to deliver services to our customers much faster than would be possible otherwise. We have greatly simplified our loan approval processes with MuleSoft, helping us deliver 6,100 PPP loans that have protected more than 47,000 jobs during the COVID-19 pandemic,” said Curt Queyrouze, president, TAB Bank.
TAB Bank, to deliver new digital services is leveraging open banking by partnering with third-party fintechs and partners. The bank securely unlocks access to core banking products with APIs built on MuleSoft that can then be reused for new solutions. This enables partners to easily access key banking functionalities such as new customer account creation, mandatory Know Your Customer (KYC) verification processes, and transaction processing to create new experiences faster.
With an open banking platform in place, TAB Bank can use the open APIs built on MuleSoft to make banking data available in real-time, thus speeding up critical services for its customers. The bank can integrate critical customer, account, and transaction data from disparate systems and processes to its open finance solution, Plaid Exchange. Through this integration, TAB customers can link their account to Plaid-powered fintech applications in a seamless, secure and reliable way.
Additionally, with its data connected using MuleSoft, the bank now streamlines account creation. It also dramatically sped up its business-critical Paycheck Protection Program (PPP) loan approval.