Nationwide Building Society has opened an API sandbox for third party developers to pilot applications to help speed up mortgage processing for brokers.
The sandbox pilot enables third party systems to connect with Nationwide’s credit risk and back office systems via APIs.
Currently brokers use separate systems to collect client information, source their mortgage and then submit the application, a cumbersome process that entails duplication of information and excess paperwork. Baked-in APIs can reduce the overhead by ensuring that clients' information can be input just once and shared between systems.
The UK building society says it has been working with a number of third parties over the past few months to refine the systems available for the intermediary market.
Ian Andrew, director of intermediary relationships at Nationwide Building Society, says: “Brokers generate a significant proportion of our mortgage lending, so its important we also invest in our services.
“The launch of our API sandbox is a significant moment for Nationwide and the sector and we’re excited to be innovating and learning in partnership with a number of third parties in a test ahead of rolling out this new technology to the whole market. We hope this gives brokers back valuable time to help more clients or focus on other activity."