A tech provider has launched a new enhancement it says will get brokers and lenders closer to the goal of straight-through processing.
NextGen.Net has announced its platform will now allow for ABN and ACN checks for all loan applications. Effective immediately, NextGen.Net said ApplyOnline would access the Australian Business Register and ASIC to cross-check ABNs and ACNs. Brokers will also be able to enter the name of a company or business and ApplyOnline will predict and look up the entity name to provide the corresponding ABN or ACN.
"This enhancement is not only a time saver, it is also a valuable tool in the quest for straight-Through processing and ensuring loan data is correct at the point of sale," the company said.