Cinchy is extremely proud to share the 2021 Banking Technology Award for Best COVID Response Technology with Wyth.
Wyth Financial, formerly Concentra Bank, delivered a front and back-end solution to roll out the COVID-19 relief loan program in just five days, providing critical assistance to thousands of businesses and a platform that can be fully leveraged for future relief programs.
At the beginning of the COVID-19 Pandemic, Wyth, a commercial bank that serves more than five million Canadians through a large network of credit unions needed to distribute $200 million in COVID-19 relief loans as part of the Canada Emergency Business Account (CEBA) program.
Using an innovative, data-centric approach, Wyth Financial has successfully distributed over $520M to businesses in need with over 80 credit unions across Canada. Traditional, legacy approaches were unable to meet the demand of the pandemic requirements, thus, Whyth Financial leveraged Cinchy Dataware to achieve a record breaking 5 day deployment, while ensuring 100% personal banking data security and privacy and unlocking 70% reduction in maintenance resources.
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