Xinja has moved a step closer to delivering speedy, paperless home loans with the confirmation of its ongoing engagement with IRESS to process Xinja home loans.
IRESS specialises in building technology for the financial services industry and the partnership provides Xinja with a home loan workflow platform that delivers fast decisions for consumers supported by IRESS technology. IRESS is a market leader in the UK, where one in every four home loans are processed using IRESS technology.
Xinja is not yet a bank, but is building an independent, 100% digital bank - or ‘neobank’ – for Australians, designed entirely for mobile. It will offer a radically new banking experience built with the community, around their needs and in their interests.
Xinja was granted an Australian Credit Licence from the Australian Securities and Investments Commission in February this year. It has applied for an Australian Financial Services Licence (AFSL) from ASIC, and it has applied to the Australian Prudential Regulation Authority for a banking licence.
“Applying for a home loan requires a myriad of third-party processes, from knowing-your-customer assessments, to the consumer lodging the application, property valuation and risk,” said Xinja Chief Executive and founder Eric Wilson. “IRESS technology speaks to third parties, and manages the workflow quickly and smoothly.
“It means we can deliver a very rapid application & approval process for home loans,” Mr Wilson said.
IRESS operates in seven countries and provides software solutions to banks, lenders, stockbrokers, financial advisers, wealth managers, investment managers and superannuation funds. Its technology, known as Mortgage Sales and Origination, or MSO, allows lenders to efficiently process mortgages including capturing application data, assessment, approvals and settlement.
“We are pleased to bring our MSO solution to the Australian market for the first time with Xinja,” said IRESS CEO Andrew Walsh. “We are seeing strong demand as clients continue to look for enhanced digital experiences and lenders look for streamlined integrated processes.
“Our solution is highly configurable, flexible and able to be integrated - making it suitable for all mortgage lenders regardless of size and operating model.”
IRESS said the home loan platform allows complex workflows to be automated, which reduces cost and effort for lenders, and also allows for faster turnaround times and lower processing error rates.
“We are delighted to partner with IRESS for our home loan workflow platform,” Mr Wilson said. “Our purpose at Xinja is to help Australians make more out of their money and get out of debt faster.”
The partnership between Xinja and IRESS builds on an announcement from Xinja earlier this month that it has selected SAP to provide its core banking solution.