Dublin-based Kranos Security Technologies has teamed with US incorporated secure messaging firm Hush Communications to launch BrokerMate, a form-based document workflow platform for bank and insurance company dealings with intermediaries.
The system replicates existing manual forms to enable brokers to submit applications electronically and uses digital signatures for document signing.
Kranos says BrokerMate cuts costs associated with printing, postage and data entry and reduces processing times.
A forerunner of the platform is already in use at Ireland's ICS Building Society, which estimates turnaround times for a mortgage broker processing loan applications will be three days shorter than for other providers in the Irish market. Mortgage brokers using the new system should be able to tell clients whether their mortgage has been approved within 24 hours.
There are currently over 80 brokers using the system across Ireland and ICS estimates some 500 brokers will eventually sign up.
One-year old Kranos says its next product release, dubbed MessageMate, will be the first commercial Instant Messaging (IM) platform to seamlessly incorporate digital signing and encryption.