Australian neobank Xinja has selected IRESS’ home loan workflow platform for swift paperless mortgage processing.

The technology vendor said that the partnership will provide Xinja with a home loan workflow platform that delivers ‘fast decisions’ for consumers.

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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.”

Home loans

The IRESS home loan platform automates the complex workflows to enable faster turnaround times as well as reduce operating cost for the lenders.

Furthermore, the utilisation of the platform, called IRESS MSO, is expected to enable Xinja to streamline the home loan application process. In addition, it will ease subsequent approvals.

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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.”

Earlier this month, Xinja selected SAP Cloud for Banking to power its forthcoming independent digital bank.

In February, the neobank secured Australian Credit Licence from the Australian Securities and Investments Commission.

Currently, it awaits Australian Financial Services Licence (AFSL) from ASIC and banking licence from the Australian Prudential Regulation Authority.

IRESS is currently operational in seven countries offering software solutions to banks, lenders, stockbrokers, financial advisers and other entities.