Small businesses represent 43% of the US economy, yet many are struggling to access Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration, under the US Coronavirus Aid, Relief, and Economic Security (CARES) Act. Many US banks are unable to offer services to new small business customers in a timely manner, due to the complex nature of Bank Secrecy Act (BSA) rules and obligations. Fenergo has launched a plug-and-play solution that allows US business and commercial banks to digitally onboard new clients, while digitally satisfying Know Your Customer (KYC), Anti-Money Laundering (AML) and BSA requirements, reducing the time to onboard and rapidly process new PPP loan applications.
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