Budding neobank joins digital platform

The startup has applied for licences to become a bank and is ready to offer home loans

Budding neobank joins digital platform


By Rebecca Pike

A budding neobank is making its way closer to delivering paperless home loans after joining with software company IRESS.

Xinja, which is currently in the process of building a 100% digital bank designed for mobile, will benefit from a home loan workflow platform.

IRESS specialises in building technology for the financial services industry. It is already used in the UK, where one in every four home loans are processed using the technology.

Xinja was granted an Australian Credit Licence from the Australian Securities and Investments Commission (ASIC) in February. It has also applied for an Australian Financial Services Licence (AFSL) from ASIC, and it has applied to the Australian Prudential Regulation Authority for a banking licence.

Xinja chief executive and founder Eric Wilson, said, “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.

“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.”

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 (MSO), allows lenders to efficiently process mortgages including capturing application data, assessment, approvals and settlement.

IRESS CEO Andrew Walsh said, “We are pleased to bring our MSO solution to the Australian market for the first time with Xinja.

“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.

Wilson added, “We are delighted to partner with IRESS for our home loan workflow platform.

“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.

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