TAB Bank Creates Open Banking Platform and Streamlines Lending Processes with MuleSoft
SAN FRANCISCO, March 30, 2021 / PRNewswire / – MuleSoft, Supplier to the World‘s # 1 integration and API platform, today announced that TAB Bank is using MuleSoft to build its open banking strategy and develop a partner ecosystem. TAB Bank is a modern, exclusively digital bank, specializing in serving small and medium-sized enterprises (SMEs), which represent the majority companies in United States. Bank TAB‘The online-only customer base depends on easy-to-use and connected digital experiences. With MuleSoft‘s Anypoint Platform ™, TAB Bank is able to respond quickly to customer expectations, now processing SME loans 60 times faster than before.
Develop innovation with an open banking platform
To deliver new digital services, TAB Bank is leveraging open banking by partnering with fintechs and third party partners. TAB Bank is able to securely unlock access to core banking products with MuleSoft based APIs which can then be reused for new solutions. This means partners can easily access key banking features – such as new customer account creation, mandatory Know Your Customer (KYC) verification processes, and transaction processing – to create new experiences faster.
For example, by leveraging an Open Banking API, TAB Bank transformed its online application experience from a fillable PDF application into a solution that allows customer account and transaction data to flow in real time between banks. back-end and third-party systems. In doing so, TAB Bank offers its customers a fully automated registration process that can be completed in just three minutes.
Accelerate services to critical consumers with an open banking base
With an open banking platform in place, TAB Bank can use the open APIs built on MuleSoft to make banking data available in real time to accelerate critical services for its customers. TAB Bank can quickly integrate critical customer, account and transaction data from disparate systems and processes with its open finance solution, Plaid Exchange. Through this integration, TAB customers are able to link their account to fintech applications powered by Plaid transparently, securely and reliably.
Additionally, with its data connected using MuleSoft, the bank can now streamline account creation so customers can open new bank accounts online in just three minutes – 100 times faster than before. TAB Bank has also significantly accelerated the approval of its loans under the Paycheck Protection Program (PPP). TAB Bank has reduced the time it takes to process each PPP request from an average of 30 minutes to as little as 30 seconds, while reducing the need for manual request approval processes by 80%.
“Before COVID-19, SMEs were underserved by traditional loan providers, but the pandemic has made that reality worse, “said Curt Queyrouze, president, TAB Bank. “As the premier banking platform for SMEs, we support our clients with the services they need not only to survive, but also to thrive. MuleSoft is a strategic partner, enabling us to deliver services to our clients much faster than would otherwise be possible. We’ve dramatically simplified our loan approval processes with MuleSoft, helping us deliver 6,100 PPP loans that have protected over 47,000 jobs during the COVID-19 pandemic. “
Now with 200 reusable APIs, TAB Bank has evolved into a composable digital bank capable of automating manual processes and delivering business critical services faster.
- Find out how TAB Bank transformed its customer experience on MuleSoft Blog.
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About MuleSoft, a Salesforce company
MuleSoft, supplier of the world‘The # 1 trusted API and integration platform enables any business to quickly unlock and integrate their apps and The data to create connected experiences faster. For more information visit: https://www.mulesoft.com.
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