SSS taps tech firm to boost microloans

THE Social Security System (SSS) has tapped Standard Economics, a California-based technology company, to help develop a microloan program that will provide members with “faster, safer, and more affordable access to short-term financial assistance.” SSS President and CEO Robert Joseph de Claro said on Sunday that he led other key agency officials in signing a memorandum of understanding (MOU) and a non-disclosure agreement with Standard Economics President and CEO Evan Stanley Jones for the development of the SSS LoanLite. LoanLite will enable SSS members to obtain financial support with greater speed, security and convenience, while strengthening the infrastructure for assessing, disbursing and servicing financial assistance at scale, de Claro said. Jones said his company’s goal “is to provide modern financial infrastructure that helps institutions deliver support faster, safer and more efficiently. We believe that every day people deserve access to financial products that are trusted, high-quality, and built around their needs.” Jones said the firm’s economic superintelligence platform integrates secure financial infrastructure with advanced intelligence systems for identity verification, artificial intelligence (AI)-driven risk assessment and underwriting, payments, AI-powered fraud prevention, and data security.