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Remote account opening solution launches early for PPP applicants

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April 17, 2020

Fenergo, a provider of digital solutions for financial institutions, announced an early launch of its remote account opening solution. The launch of the digital cloud-based product was fast-tracked to help companies applying for the Paycheck Protection Program loans through the CARES Act. With the digital solution, businesses can remotely and rapidly open a commercial or business account at a participating U.S. bank. The company digitally delivers systems and services that can integrate into a bank’s eco-system, as reported in a company press release.

The plug-and-play solution allows U.S. banks processing new accounts to quickly satisfy new account requirements while reducing onboarding time, especially for those applying for the PPP loans.

"Now is not the time for small businesses across the United States to be struggling to access desperately needed funding," said James Follette, global head, commercial, business and retail banking for Fenergo. "Building on our KYC, AML and BSA heritage and expertise, we were able to rapidly extend our system to accommodate the screening challenges presented by the PPP loan application process."

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