Abrigo Collaborates with CU Solutions Group on Paycheck Protection Program (PPP) Forgiveness Solution

Abrigo, CU Solutions Group | May 25, 2020

  • Abrigo announced it has partnered with CU Solutions Group in support of Abrigo's Paycheck Protection Program (PPP) Forgiveness and Administration solution.

  • Abrigo's solution also gives credit unions the ability to calculate the forgiveness amount based on the provided PPP guidelines to ensure compliance and accuracy.

  • CU Solutions Group member credit unions will receive preferred pricing for Abrigo's PPP Forgiveness and Administration solution through the credit union service organization.


Abrigo announced it has partnered with CU Solutions Group (CUSG) in support of Abrigo's Paycheck Protection Program (PPP) Forgiveness and Administration solution, part of the Sageworks SBA Lending solution, to aid credit unions in streamlining the loan forgiveness and administration process.

The PPP forgiveness process is expected to be a time-intensive process for financial institutions as they work with borrowers to collect documentation and submit information to the Small Business Administration (SBA). With many aspects of the forgiveness process currently unclear, it is beneficial for credit unions to have a partner, like Abrigo, to help the institution to stay compliant and service the loans at scale.


The work of credit unions nationwide has been truly inspiring during this fast-paced and unprepared PPP rollout by the SBA, Despite the lack of clear guidance and overall readiness by the SBA, credit unions have worked quickly and proactively to process applications and to prepare for loan funding. But due to capacity restraints and concerns about fraud exposure, most credit unions and banks have focused on existing client relationships and needs, By partnering with Abrigo, CUSG will be able to help credit unions extend these critical services and address the needs of new small business borrowers as well.

- Dave Adams, president/CEO of CU Solutions Group.


In addition to increased efficiency and speed on the front end, Abrigo's solution also gives credit unions the ability to calculate the forgiveness amount based on the provided PPP guidelines to ensure compliance and accuracy. Lenders can also generate Form 1502 within the platform to request their loan processing fees from the SBA and for ongoing monthly servicing.


Read More: Maxwell extends product offering with the launch of Maxwell Fulfillment Platform


Regardless of whether or not an institution used Abrigo for PPP loan origination, any financial institution union can utilize Abrigo's PPP loan forgiveness and administration solution. Credit unions that filed with other vendors or directly through the E-Tran portal can easily import the data from their core to streamline the forgiveness process.


Community financial institutions were the true heroes of the Paycheck Protection Program, and their work is just beginning. As these loans are funded, credit unions need to ensure they are following the proper forgiveness procedures, an often-time-consuming process, We're proud to partner with CU Solutions Group to provide their member credit unions with direct access to our PPP Forgiveness and Administration solution to help streamline the process and keep them compliant.

- Jay Blandford, President Abrigo.


Over 175 community financial institutions used Abrigo's automated PPP loan origination solution, with E-Tran integration, to quickly and efficiently process over 110,000 PPP loans, totaling more than $11.1 billion in loan volume, since the program was first launched on April 3, 2020.


Read More: Blockchain-based we.trade network announced an enhanced collaboration with IBM


CU Solutions Group member credit unions will receive preferred pricing for Abrigo's PPP Forgiveness and Administration solution through the credit union service organization.


About CU Solutions Group

Headquartered in Livonia, Mich., CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory. The organization is home to national credit union-focused brands including Love My Credit Union Rewards, Save to Win, MemberXP, CUBE TV Studios, Compease and Performance Pro. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations and maintains strategic partnerships with Sprint, Intuit TurboTax®, GSTV and CU Risk Intelligence. 


About Abrigo

Abrigo is a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that community financial institutions use to manage risk and drive growth. Our software automates key processes – from anti-money laundering to asset/liability management to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs.

Spotlight

When to purchase a travel insurance plan in preparation for your upcoming trip.

Spotlight

When to purchase a travel insurance plan in preparation for your upcoming trip.

Related News

INVESTMENT MANAGEMENT,INVESTMENTS

Permira Announces Strategic Investment in Reorg

Permira and Reorg | August 02, 2022

Permira, the global private equity firm, today announced that funds advised by Permira have agreed to make a strategic investment in Reorg (“Reorg” or the “Company”), a leading global provider of data, analytics and intelligence for the credit markets. As part of the transaction, Warburg Pincus will sell its majority shareholding in Reorg to Permira, and the Reorg team will retain a significant ownership interest. Financial terms of the transaction were not disclosed. Founded in 2013, Reorg combines powerful technology along with financial and legal analysis and reporting to provide a granular and holistic view of hard-to-find credit information. The Company’s analytics, sourced from a variety of public and proprietary data sources, and breaking news updates on sub-investment grade credit are a mission-critical solution that drives significant efficiencies for customers and democratizes data access to complex and opaque information. Reorg has experienced rapid growth over the last decade and today serves more than 25,000 professionals across the world’s leading financial institutions, law firms and professional services businesses. “Through the hard work and innovation of Reorg’s global team, we’ve grown from distressed debt and bankruptcy expertise into covering all aspects of the global credit markets, while maintaining our standards of best-in-class coverage. I couldn’t be more appreciative of the Reorg team and the support of Warburg Pincus the last four years. We are relentless in solving our customers’ most pressing problems and, with the investment from Permira, will push forward in finding ever smarter solutions in the years ahead.” saidKent Collier, Reorg’s founder and Chief Executive Officer. Daniel Brenhouse and Andrew Young, Partners at Permira, commented: “Kent and his team have built an impressive data-driven platform that provides deep insight and powerful analysis of the complex and often opaque credit markets. As we know first-hand through our experience in the sector with Permira Credit, the value Reorg offers financial and legal professionals is incomparable – especially in today’s dynamic market – and there are vast opportunities for further growth. We look forward to leveraging our international network and expertise working with leading tech, tech-enabled and subscription-based businesses to help scale the platform.” “It has been a privilege working with Reorg over the past four years and experiencing first-hand their impressive rise to a best-in-class resource for business information, We enjoyed a strong partnership with Kent and the talented Reorg team and look forward to watching their continued growth and success.” - Chandler Reedy, Head of Strategic Investments at Warburg Pincus. The deal, which is subject to customary regulatory approvals, is expected to close in the third quarter of 2022. Evercore served as financial advisor to Reorg and Kirkland & Ellis LLP is acting as legal counsel. UBS Investment Bank and Morgan Stanley & Co. LLC served as financial advisors to Permira and Weil, Gotshal & Manges LLP is acting as legal counsel. About Permira Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with total assets under management of €60bn+ and makes long-term majority and minority investments across two core asset classes, private equity and credit. The Permira private equity funds have made approximately 300 private equity investments in four key sectors: Technology, Consumer, Healthcare and Services. The Permira funds have an extensive track record in technology investing, and have backed and partnered to scale some of the largest and fastest growing product-obsessed technology and tech-enabled services companies globally, including Alter Domus, Axiom, Carta, Clearwater Analytics, Klarna, Kroll, Mimecast, LegalZoom, Seismic, Relativity, as well as the recently announced investment in Zendesk. Permira employs over 450 people in 16 offices across Europe, the United States and Asia. For more information, visit www.permira.com or follow us on LinkedIn or Twitter. About Reorg Founded in 2013, Reorg has fundamentally changed the way financial and legal professionals access complex and opaque business information. Reorg’s unique editorial approach combines reporting with financial and legal analysis to provide a holistic view of topical situations and delivers that view in real time through our proprietary platform, which is powered by machine learning and natural language processing. Today, with offices on three continents, Reorg serves more than 25,000 professionals across the world's leading hedge funds, asset managers, investment banks, law firms, professional services, advisors and corporations so they can make better business, investment and advisory decisions. To learn more, visit Reorg.com. About Warburg Pincus Warburg Pincus LLC is a leading global growth investor. The firm has more than $85 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $106 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

Read More

FINTECH

Airwallex Secures Place in The Fintech Power 50 2022 Cohort

Airwallex | July 16, 2022

The Fintech Power 50, a list of the 40 most innovative companies and 10 visionary personalities shaping the financial services industry, has been revealed for 2022. The exclusive annual program acts as a hub for driving change and creativity in the financial services industry, helping the sector innovate and grow. After more than 1,200 companies were nominated and over 18,000 votes cast, this year’s chosen 50 were revealed live on stage at Fintech Week London – the city’s biggest tech and finance event – on Monday 11 July 2022. Announcing the final list, Mark Walker, co-founder and chief operating officer of The Fintech Power 50, said: “The Fintech Power 50 annual list acts as a much-needed reminder of all the great things we are achieving in the world of financial technology, and shines a spotlight on those who are transforming financial services for the better. Announcing the final list, Mark Walker, co-founder and chief operating officer of The Fintech Power 50, said: “The Fintech Power 50 annual list acts as a much-needed reminder of all the great things we are achieving in the world of financial technology, and shines a spotlight on those who are transforming financial services for the better. “It’s fantastic to be here at Fintech Week London to announce this year’s fabulous 50. Our prestigious guide continues to go from strength to strength with a record number of nominations and votes for fintechs based across the globe.” The Fintech Power 50 2022 The Fintech Power 50 includes some of the most inspirational, thought-provoking and thoroughly knowledgeable people in the global financial services industry, including: Dr Leda Glyptis, chief client officer, 10x Future Technologies Ghela Boskovich, a leading expert on banking regulatory and innovation matters Ron Shevlin, chief research officer at Cornerstone Advisors Chris Skinner, a renowned independent commentator on the financial markets Trailblazing companies on this year’s list – the movers and shakers who are really making a difference to our industry – include: Airwallex – a leading financial technology platform for modern businesses Trulioo – a leading global identity verification service Weavr – a provider of plug-and-play financial services Moneyhub – a data and payments fintech that provides open finance solutions SmartStream – a leading company in financial transaction management solutions “As a leading global fintech player, we are excited to be recognised on the Fintech Power 50 list,” said Jack Zhang, Co-founder and CEO of Airwallex. “At a time where many businesses are recovering from the pandemic, our payments and banking infrastructure allows us to be flexible, enabling us to support the bespoke needs for millions of businesses globally. We look forward to continuing to empower businesses of all sizes to grow beyond borders.” “As a leading global fintech player, we are excited to be recognised on the Fintech Power 50 list,” said Jack Zhang, Co-founder and CEO of Airwallex. To see the complete list of companies included in this year's cohort, visit www.thepower50.com. About Airwallex Airwallex is the leading financial technology platform for modern businesses growing beyond borders. With one of the world’s most powerful payments and banking infrastructure, our technology empowers businesses of all sizes to accept payments, move money globally, and simplify their financial operations in a single platform. Established in 2015 in Melbourne, our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. Today, Airwallex has a global footprint across Asia-Pacific, Europe, and North America. Find out more at www.airwallex.com/uk.

Read More

CORE BANKING

Security Bank Accelerates Modernization of Core System’s APIs with OpenLegacy

Security Bank | July 05, 2022

OpenLegacy, provider of the industry’s most advanced legacy integration solution, today announced the results of its digital modernization project with Security Bank, a leading domestic universal bank in the Philippines. The modernization program, which began in late 2020, reduced time to deployment by one third, with OpenLegacy’s team averaging a complete integration every three days. A traditional modernization route can take up to one month per API, taxing internal developers and raising costs. With OpenLegacy, Security Bank can offer digital services to market quickly and affordably, driving customer satisfaction, cutting costs, and realizing greater value of its existing mainframe investment. “We needed to accelerate the digital transformation of our services to stay competitive. OpenLegacy modernized integration points of various mission-critical internal systems quickly to ensure our customers get the modern, digital-first experience they’ve come to expect, Our partnership with leading technology providers such as OpenLegacy, brings us closer to achieving our vision to be the most customer-centric bank in the Philippines.” -Ric Torres, Chief Technology Officer at Security Bank Corporation. OpenLegacy empowered Security Bank to efficiently build new digital services and generate business-level APIs with the ease of cloud, said Joseph Wong, General Manager, APAC and Japan at OpenLegacy. We are excited to continue to help them unlock core system data in a streamlined fashion. About OpenLegacy- OpenLegacy offers a cloud-first legacy modernization platform. OpenLegacy Hub delivers high ROI with a simple, disruption-free, method to generate, extend and manage digital services from legacy systems to the cloud. Jumpstart and optimize your modernization journey and follow it through, no matter the chosen strategy: modernizing in place (hybrid), rehosting/replatforming or even replacing and rewriting the entire application. Each can be simplified and automated to perfect the process drastically eliminating complexity, time, cost, and risk. OpenLegacy’s robust modernization platform is designed to address the painful challenges of complexity, unique skills, and mission-critical stability that core legacy systems (such as mainframe) present in the cloud journey. OpenLegacy is used by many of the world’s leading enterprises, including Citi, Scotiabank, Liberty Mutual, DBS, and Standard Chartered, to name a few. Visit openlegacy.com. About Security Bank- Security Bank is a private domestic universal bank in the Philippines with total assets of PHP700 billion as of December 31, 2021. Established in 1951, Security Bank currently has a total of 316 branches and 663 ATMs. Security Bank’s major citations in 2021 include: Philippines’ Best Bank by Euromoney; Best for High Net Worth Clients (HNW) in the Philippines by Asiamoney; Best Retail Bank in the Philippines by Alpha Southeast Asia; and Best Culture of Learning and Diversity Champion by LinkedIn Talent Awards.

Read More