Release Notes on September 27, 2023

This release includes important new features that will reduce manual inputs and potential errors either by applicants or by institutional users.  On the Consumer and Small Business Portal, we incorporated a new automatic text extraction tool and eliminated certain manual inputs.  On the Institutional Portal Product Settings page, we tied Upload Documents and Requirements settings to the selection of permissible Business Legal Entity Types so that only relevant requirements will be presented to a business applicant based on its legal entity type. 

Consumer and Small Business Portal

1. Use Amazon's Textract to Automatically Input Applicant Info Based on Uploaded ID

We integrated Amazon's Textract application in the Uploading Document step, which allows us to extract important personal information, such as name, date of birth, ID issuance and Expiration dates from the uploaded ID document. Instead of manual inputs by the applicant, such info is automatically entered, eliminating potential human errors in the data entry process. As a result of this update, users will notice that the sequence of the 5-step application process has been changed.  An applicant will be asked to upload a personal ID and other required documents before entering their personal information.    

2. Use FedEx's Database to Check Accuracy of Applicant's Address Entered

All address information will be validated upon entry.  If the street address is not found, the system will return an error prompt for correcting the input.  If the city or ZIP is entered incorrectly, the information will be automatically corrected based on other address inputs. 

Institutional Portal

1. Link Requirements for Business Loans to Eligible Legal Entity Types 

Requirements and Upload Document Requirements that depend on the Business Legal Entity Type are linked to the eligible legal entity selection in the Application Info section.  This ensures that only relevant and specific document requests will be requested from the business applicants.