Xinja still tapping Iress for home loans
Xinja, the Australian challenger bank in the works, has confirmed its ongoing engagement with Iress to process its digital home loans.
Xinja was granted an Australian Credit Licence from the Australian Securities and Investments Commission (ASIC) in February this year.
It is also awaiting 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 says the partnership with Iress technology helps smooth third-party processes required, from know your customer (KYC) to risk assessment.
Iress says 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.
Back in May, in an exclusive interview, Wilson told FinTech Futures that it was using Iress for its mortgage origination platform.
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.
Banking Down Under is looking up, but Xinja has several rivals to contend with. Check out our comprehensive list of Australian challenger banks here.