Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

IRESS to process home loans for Australian challenger Xinja

Xinja has extended its contract with IRESS to process Xinja home loans.

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.

Related: IRESS opens up software lab to users

“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.

Related IBS Intelligence Research

Related Posts

Heritage Bank, Australia

Heritage Bank brings Apple Pay to customers in Australia

Australia’s Heritage Bank, a customer-owned bank, announced today that it brings its customers Apple Pay, which is a safe, secure and private way to make payments. This is expected to help customers avoid handing their payment card to someone else, touching physical buttons or exchanging cash. Peter Lock, CEO, Heritage Bank enthused, “We are thrilled […]

This post is only available to members.

Read More »
Tata Capital, India

Tata Capital launches AI-powered Voicebot – TIA, on Google Assistant

TIA, the AI-powered Voicebot by Tata Capital, is now available on Google Assistant, the popular voice service by Google. The solution will now offer a host of service features through a simple voice command. TIA is available across Android and iOS based mobile phones and smart home devices. As voice servicing platforms continue to gain […]

This post is only available to members.

Read More »

The Peoples Community Bank selects Finastra to enhance digital capabilities

Finastra, a leading financial software solution provider, has announced that The Peoples Community Bank is expanding its relationship with Finastra to provide its customers with enhanced digital capabilities and innovation speed. Peoples Community Bank and Finastra had been working together for over 20 years, and the community bank is currently upgrading to the Fusion Phoenix […]

This post is only available to members.

Read More »