GIACT Launches Emergency Fast Track Program to Assist Financial Institutions and Non-Bank Lenders with SBA Loan Disbursements

Payments
Press Releases

DALLAS — April 08, 2020, 8:30ET

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.

To read the full article, click here

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 every SBA loan they need.

“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.”

Melissa Townsley-Solis
Head of GIACT

GIACT helping with SBA loans

“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.

–via PRNewswire

Nacha Provides ACH Network Rules Update
Enrollments
Nacha Provides ACH Network Rules Update

Organizations increasingly rely on ACH to facilitate payments. To keep users up-to-date, Nacha — who oversees the ACH Network — provides regular updates to its members on new developments, rules and enforcements. To get a preview of what to expect in the next 12 months impacting ACH payments — from micro-deposit verification, increased payment limits, to account validation enforcement — join Nacha’s Director of ACH Network Rules and GIACT (a Refinitiv company) at 1 PM ET Wednesday, June 22 for a complimentary webinar.

Read More »
Whitepaper_Reducing Insurance Fraud Through Enhanced Identity Verification
Identity
Reducing Insurance Fraud Through Enhanced Identity Verification

In the last two months of 2020, two-thirds of home buyers placed bids on properties without ever seeing the home in person. To operate in 2022, mortgage lenders increasingly rely on their online platforms to facilitate home buying and refinancing. While digital identity verification is critical to any online loan application, many mortgage lenders are considering how best to balance customer experience and risk.

Read More »