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Oracle to help UK banks, building societies in mortgage origination process

Oracle Financial Services has announced the availability of its Oracle Banking Enterprise Originations solution to the UK market. The new solution is expected to assist banks and building societies in the enhancement of their residential, buy-to-let and SME mortgage origination. It aims to enable lenders to efficiently process their mortgage applications through process automation and data decisioning.

“It is an exciting time to introduce the Oracle Banking Enterprise Originations solution, localized and compliant for the UK banks and building societies. We believe UK re-mortgaging bank customers will welcome a solution that allows them to easily switch providers, and reap the benefits of a streamlined and seamless lending process. We are poised to accelerate and deliver our best-in-class solution in this highly competitive market,” said Paul Leadbetter, Group Vice President, and Chief Technologist, Oracle Financial Services.

According to the supplier, the new solution will provide an open architecture approach, unlike legacy systems, thus mitigating issues such as a lack of 360-degree view of the customers and simplify the process of data and document gathering process. It is expected to facilitate integration with vendors providing traditional mortgage offers.

The solution, as the supplier states, showcases 200+ origination centric open APIs and provides a comprehensive lending lifecycle approach, including origination, servicing and collections via a single platform.

Recently, Oracle announced the launch of its AML platform, Oracle Financial Services Anti Money Laundering (AML) Express Edition, to assist the small and mid-sized banks against money laundering and fraudulent activities while complying with the dynamic regulations and guidelines.

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