OakNorth’s latest partnership is similar to the one recently announced with Customers Bancorp; under the partnership, OakNorth will assist in document collecting and processing at a time when Modern Bank is expecting significant applications under the Paycheck Protection Program; OakNorth is also providing extra operational capacity through pre screening of applications; Rishi Khosla, co-founder of OakNorth noted, “As we’ve seen with similar loan programs around the world, banks are experiencing call centre and web traffic that’s up to 50 times the normal levels and are simply unequipped to deal with this level of volume.” OakNorth hopes to ease this burden for both banks and their customers. Altfi
