Case Study: Wyth Financial delivers COVID-19 relief loans in five days with Cinchy

Wyth Financial delivers COVID-19 relief loans in 5 days with Cinchy

Wyth Financial, a Canadian provider of wholesale banking and trust solutions to credit unions, faced the challenge of rapidly distributing millions in COVID-19 relief funds to thousands of small businesses through its network of over 80 credit unions. Their legacy systems were not scalable, and they needed to develop a secure, auditable digital loan platform within a tight five-day timeline. To overcome this, they partnered with vendor Cinchy and implemented its Data Fabric platform.

Using Cinchy's Data Fabric, Wyth Financial automated data capture and streamlined workflows, enabling them to deliver a complete, secure solution in just five days. The results were significant, with over 1,200 applications processed in the first week and an estimated five times the savings compared to similar solutions. Cinchy's platform provided the necessary security, automation, and auditability to distribute $520 million in relief funds efficiently.

Wyth Financial