| First CAL-based document generation platform to cut costs in Australian lending sector by up to 50% |
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| Friday, 03 November 2006 | |
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Provider of specialist technological, consulting and business process outsourcing, LTS estimates the multi-channel document generation solution could cut lenders’ and brokers’ document processing costs by as much as 50 per cent while significantly improving document quality and time to market. Not-for-profit group Lending Industry XML Initiative (LIXI), introduced ecommerce standards to allow home loan information to be standardised and transferred electronically via the use of CAL (Common Application Language). It halved processing times and costs by up to $10m annually. Mike Thanos, CEO of LTS says using LIXI for internal document generation reduces data analysis and mapping time, simplifies template creation by business users, and data driven output across multiple channels, including print, web, SMS, email and XML. “We have been generating in excess of 5,000 loan document packages per month for a major lender using LIXI as the data backbone. Our clients have seen the loan documentation process improve by 50 per cent via our LIXI based document generation services,” says Thanos. Document generation is a category of software that enables businesses to manage the creation and delivery of documents. Multi-channel document creation means taking the same content and delivering it in multiple formats via multiple mechanisms. “For example, loan approval can result in the generation of a notification via SMS or email, along with production of a PDF document or Postscript loan offer document; and all of these to one or many borrowers, guarantors and brokers simultaneously,” explains Socrates Vasiliadis, CEO of LIXI. “The software does this by separating the content (what it says) from the presentation (how it looks) so it can easily pour the content into any presentation format desired. “This equates to one template per document, regardless of the number of channels that the document will be delivered across, reducing the number of document templates that need to be stored and maintained by more than one third,” Mike Thanos says.“Picture a simple letter to a borrower about their loan – it could contain details like the borrower’s names and address, the address of the security property, the type of loan applied for and the loan amount. Without CAL, every one of those details need to be entered by hand from the source data to the output document,” Socrates Vasiliadis says.“By standardising the format of the loan processing data, LIXI makes it easier to build document generation services that operate smoothly regardless of the data source. It allows lenders to offer better plug-and-play business services.”Documents represent a key point of contact by which lenders interact with customers and brokers. When built on open standards, the platform can integrate with any internal or external system. “The speed and flexibility of open standards provides real advantages compared to traditional ‘hand crafted’ solutions for document generation,” says Thanos. “We took the view that the earlier we adopted the standards, the more we would be at the forefront of the industry as the standard developed and matured. This positions LTS to provide the lending industry with an extraordinary business solution that delivers new efficiencies and costs savings across the lenders entire business. “As the company that initially proposed the formation of LIXI and one of the first businesses to adopt CAL, it has been rewarding to see the growth and development of ecommerce in the mortgage industry over the last five years as well as participate in it,” Thanos says. #ENDS Lending Technology Services provides technology, consulting and processing solutions to the mortgage lending industry from loan application to settlement. LTS has been involved with LIXI from its outset, and today maintains an active presence both at Board level and on the technical working groups. LTS’ LoanScribe© product produces high volume, high quality PDF formatted loan document packages directly from the receipt of a LIXI XML message from a loan production platform. LoanScribe© is a true centralized ‘lights out’ solution that meets all of the functionality and performance requirements of high volume mortgage lenders. www.lendtech.com.au Thunderhead is the leading provider of enterprise solutions for the creation and management of multi-channel business communications. The Thunderhead platform allows business users to manage the production of both personalised and transaction-driven communications which may be delivered by any number of media channels, including print, fax, web, email, SMS and industry-specific XML schemas. Thunderhead's unique combination of user-centric design; an open standards-based core; and broad, enterprise capabilities has enabled it to quickly become the market leader. Thunderhead numbers some of the world's leading financial services organisations as its customers, and services its rapidly expanding customer base from offices in North America, Europe and Asia Pacific. For further information, please visit www.thunderhead.com. For more information about LIXI or to arrange an interview, please contact:Allison Lee, IMPACT Communications Australia, Tel: (02) 9519 5411, This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
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