Next level of lending standards on the agenda
The lending industry’s independent standards organisation, LIXI, is to take another step in moving towards the adoption of standards across the entire lending value chain.
This follows on from the LIXI Board’s announcement at its annual forum last November that its “strategic intent” is to enable universal implementation of the next level of standards over the next three years. This stage is to be known as LIXI 2.0 and the aim is to apply it across the whole lending industry.
A key part of the LIXI 2.0 process is to engage LIXI members in developing expanded products, services and capabilities to create solutions that will provide efficiencies across the lending industry. The focus of the LIXI 2.0 strategy is to resolve current industry issues and to:
- create a new data standard that encompasses all member requirements, while being flexible enough for members to differentiate themselves in the market;
- enable LIXI members to directly control their use of standard in order to maximize the value they receive through efficiency gains and market differentiation; and
- enable services that lower barriers between parties while protecting existing investments.
Following on from the announcement last November, LIXI has extended an invitation to its membership and service providers to submit proposals as to how the architectural requirement and strategic intent for the implementation of LIXI 2.0 can be met. This will include a specific focus on improving exchange of messaging in the lending process.
Erik Fenna, LIXI’s chief executive officer said, “LIXI 2.0 will provide a framework for increasing change, rapid outsourcing, new applications to interface to new technology such as mobile lending, cross sell and integration of non lending financial products. This will lead to increased benefits to the consumer while, reducing costs for the industry.”
“LIXI is serious about options for strategic solutions to enable an environment of ‘true standards’ as well as new standards-enabled capability. To do this we are intent on working with partners to explore submissions that reflect their experience and expertise to ensure that the implementation of LIXI 2.0 is a revolution not just an evolution” said Fenna.
- Categories
- Banking
- Tags:
- LIXI, Erik Fenna
- Author:
- Bernard Kellerman, bkellerman@financialpublications.com.au
- Article Posted:
- February 03, 2012
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