Natural State News

BankLabs, a digital banking platform creation agency, announced that they are offering their Participate loan automation platform for free to those who are in need of Paycheck Protection Program (PPP) loans, PR Newswire reported.

Participate markets itself as a useful tool for certain financial institutions that need to streamline the loan processing loans and collaboration with other financial institutions in buying and selling. 

BankLabs was imagined and created by “community bankers’ and emphasizes the importance of usable cloud products, which makes it possible to access them from any device.

“Community banking involves in-market relationships and state-of-the-art mobile technologies to help build your community and economy, wherever that may be in the world,” BankLabs’ website states. 

BankLabs is committed to community banking, no matter the details of the institution. 

In this time of pandemic, the service that BankLabs offers through Participate is invaluable. Many institutions are struggling to keep their heads above water and the waiting and processing time associated with PPP loans can be the difference between staying in business and going out like so many other organizations. 

Both originators and participants are able to digitally share pertinent loan information as well as documents in order to keep progress moving remotely. Participate claims that it can cut weeks off of the normal process and therefore grant banks the “liquidity and flexibility needed to serve their communities.”

According to BankLabs, “Participate is the world’s first mobile, cloud-based participation platform that manages the complete loan lifecycle allowing any user access. It automates the financial institution’s process for new and existing participated loans. Participate includes an optional marketplace add-on to create more trading relationships world-wide.”

By offering this service free-of-charge to the general public’s financial institutions, banks across the country will find themselves in a better position of being able to help those in need, as well as remain in competition with other financial institutions.