Highly robust and flexible, this new component is a part of the activebank retail banking suite, a component-based system built entirely on Microsoft .NET technology. The solution delivers advanced functionality, enabling lenders to handle diverse portfolios of mortgages and related provisions from classic mortgage-only products through to more complex schemes such as consolidating mortgage accounts, savings accounts and investment products. It also supports additional customer requirements including mixed loan elements and mortgage switching.

"Mortgage provision has become increasingly complex in recent years, due to competition from banks and non-financial organisations, as well as demands for more sophisticated products. To stay ahead in the market, building societies need to take advantage of technology," stated Karim Peermohamed, CEO of Financial Objects. "We pride ourselves on our dynamic and scaleable software and we're confident that activebank Mortgages will deliver real business benefits for lenders and eliminate their cumbersome processes."

activebank Mortgages provides an optimum environment to bring new products to market, in response to statutory, market or business changes. Its highly adaptable product definition process produces pre-defined templates and characteristics, business rules and processing steps. By implementing this component lenders also have a combined mortgage information processing and workflow management tool, which manages each stage of the mortgage lifecycle, including account opening, through to processes such as maintenance, redemptions and arrears processing and settlement.

activebank utilises XML Web Services on the .NET platform to support existing and future delivery channels and offers unparalleled connectivity and integration.