In the federal space, it’s critical money gets where it’s meant to go. Loans and grants are supposed to drive economic growth; they support individuals, businesses and communities.
Allocore helps to make that happen. The company works at the forefront of modernizing government financial systems, specializing in loans, grants and fraud prevention.
In November, the company previously known as Summit Technology Group took on the new Allocore name. That rebranding is helping the company to define its presence in this space.
The rebrand “reflects Allocore’s evolution as a leader in delivering cutting-edge, commercially available technology tailored for the public sector,” said CEO Bill Webner.
With trillions of dollars in loans and grants processed, and billions in fraud prevented, Allocore’s cloud-based solutions streamline complex workflows, from origination and servicing to compliance and risk management.
“We empower federal agencies with a unified platform that brings the precision and efficiency of commercial banking technology to the public sector,” Webner said.
“Our role is to ensure critical funds are delivered swiftly, securely, and correctly,” he said. In doing so, Allocare can play a key role in “supporting the government’s mission to drive impactful programs for businesses and citizens that are eligible for them.”
With those aims in mind, the new moniker “aligns our identity with our core mission: to bring private-sector fintech innovations into government operations,” he said. The name “Allocore” emphasizes allocation and core system modernization. That particular combination is intended to showcase “our focus on driving efficiency, security and precision in financial services.”
In seeking to define its place within the broader GovCon ecosystem, the new name gives the company a new opportunity to tell its story.
“It positions us to better communicate our value to federal agencies and stakeholders, highlighting our commitment to innovation, mission alignment, and measurable impact,” Webner said.
That commitment comes to life through the various ways in which the company seeks to help government navigate the options around commercially available software. This, in turn, is helping to close the current lag between federal capabilities, and those increasingly available in the commercial financial sector.
“Allocore bridges the gap between commercial software and government-specific needs by offering a modular, cloud-based platform with maximum flexibility,” Webner said. Its Unified Loans and Fraud Platforms, for example, provide pre-built solutions configurable to agency-specific requirements.
By leveraging best-in-class commercial integrations and scalable automation, “we help agencies adopt proven, secure technology that minimizes costs and accelerates deployment. This ensures agencies can focus on their mission while more easily meeting compliance and operational efficiency goals,” he said.
The current risk environment makes it all the more critical agencies have modernized tools to meet those goals. “The federal market is at a critical juncture, where outdated systems and escalating fraud threats challenge the effectiveness of loans and grants programs,” Webner said.
He points out that some $500 billion is lost to fraud each year, and that legacy systems cost $4 billion just to maintain. At the same time, AI-driven fraud schemes are growing in volume and sophistication at an alarming rate.
“Allocore addresses these challenges with advanced technology that delivers faster, more secure and accurate fund distribution,” he said. “Our platform integrates AI for fraud detection, streamlines decision-making processes, and ensures compliance, helping agencies deploy critical funds with speed and accountability in an ever-evolving risk landscape.”
As the company seeks to assert leadership in this space, Webner reflects on the critical nature of government financial programs.
Federal loans and grants “are essential tools for driving economic growth and supporting citizens, businesses, and communities,” he said. At the same time, those programs face myriad challenges.
Management of the federal grant and loan portfolios, which amount to trillions of dollars annually, “has not evolved as quickly as the commercial financial sector in its administration of these programs,” Webner said, adding this is exactly why best-in-class commercial integrations are needed now.
“To meet today’s challenges, agencies must align with fintech innovations that combine private-sector expertise with public-sector needs,” he said.
Allocore is well-positioned to bring that combination to life, Webner said, noting its leadership team comes to the table with “decades of experience from both arenas, ensuring our solutions deliver on the government’s mandate for efficiency, transparency and impact.”
The Allocore platform, in turn, “enables agencies to better safeguard taxpayer dollars, optimize processes, and achieve their mission of delivering financial assistance where it’s needed most — swiftly and securely,” he said.
In an escalating risk environment, Allocore’s modernized tools help agencies be fully accountable in the distribution of public monies, ensuring the federal funds in their care make it to their intended destinations.