Many packagers are striving to get more balance sheet lenders on their panels to minimise the impact of the credit crunch on business.
Last week, Praxis Mortgages re-vealed that it was adding Scarborough Specialist Mortgages to its panel and it is hoping to add CHL Mortgages on October 8.
Dudley Aldous, director of sales and marketing at Praxis, says: "Traditional lenders with their own funding streams are bringing much-needed stability to the sub-prime market."
Steve Field, managing director of Niche Mortgage Solutions, says the packager is in discussions with balance sheet lenders and has recently added BM Solutions to its panel.
He adds: "Until recently, packagers were at a disadvantage if they didn't have a wide range of securitising lenders on their panel. But the power has shifted to balance sheet providers."
Packagers are continuing to struggle as the credit crunch continues to bite business volumes. Last week, John Rice, managing director of the Regulatory Alliance of Mortgage Packagers, said applications to packagers were down 35%. He also forecast redundancies of 20% to 30% in the weeks to come, with packagers' income falling by up to 60% by Christmas.
Consultant Brian Pitt adds: "Firms that have been scraping by on small margins and high overheads will sink. No more than 50 packagers will survive this credit crunch."
Tuesday, October 09, 2007
Tuesday, October 02, 2007
FSA to crack TCF whip in 2008
The Financial Services Authority is set in 2008 to grill all 3,800 mortgage brokers in a bid to speed up the take-up of its Treating Customers Fairly initiative.
The regulator is also looking to focus on failing firms that need the most attention and debunk the myth that smaller firms are below the FSA’s radar.
Across the financial services spectrum, the FSA will be conducting mini-assessments with a whopping 18,000 advisers. Out of these, it says 25% of these mini-assessments will be followed up by a full assessment.
Mandy Spink, head of mortgage and credit unions at the FSA, says: “As everyone knows, the March 2007 deadline didn’t do particularly well. Only 41% of advisers implemented TCF and this was actually only 22% when you looked at mortgage firms.
“This strategy is about increasing the amount of contact with small firms, helping brokers embed TCF and focus on those that need regulatory attention.”
The FSA will be undertaking a major recruitment drive to bolster staff levels so it can undertake the TCF review.
Spink adds: "This is also a way of myth busting that firms are not under our radar. We would like to be in a position in giving as much help as possible to those engaging with us so we can focus as much as our resources on those that are not
The regulator is also looking to focus on failing firms that need the most attention and debunk the myth that smaller firms are below the FSA’s radar.
Across the financial services spectrum, the FSA will be conducting mini-assessments with a whopping 18,000 advisers. Out of these, it says 25% of these mini-assessments will be followed up by a full assessment.
Mandy Spink, head of mortgage and credit unions at the FSA, says: “As everyone knows, the March 2007 deadline didn’t do particularly well. Only 41% of advisers implemented TCF and this was actually only 22% when you looked at mortgage firms.
“This strategy is about increasing the amount of contact with small firms, helping brokers embed TCF and focus on those that need regulatory attention.”
The FSA will be undertaking a major recruitment drive to bolster staff levels so it can undertake the TCF review.
Spink adds: "This is also a way of myth busting that firms are not under our radar. We would like to be in a position in giving as much help as possible to those engaging with us so we can focus as much as our resources on those that are not
Tuesday, September 18, 2007
Moneyfacts and iE launch outsourced online account opening service
Financial
news and information Web site Moneyfacts has partnered with UK retail
banking software vendor Intelligent Environments (iE) to launch an
outsourced Internet savings applications service.
news and information Web site Moneyfacts has partnered with UK retail
banking software vendor Intelligent Environments (iE) to launch an
outsourced Internet savings applications service.
The
package is targeted at small financial services firms and building
societies that lack the resources and connectivity to sign up customers
online.
The service will be offered on rental terms, for a minimum contract period and with full hosting and implementation support.
Firms
will be charged for each application generated instead of paying a
licence fee which, says Moneyfacts, means low upfront investment and
running costs.
Moneyfacts also claims the service will
save companies money on know-your-customer checks because the
applications it generates will already be fully verified.
Stephen Rumbelow, head of Moneyfacts, says the cost of running branches is forcing institutions to focus on the Internet.
"Although
the products themselves are often market leading, shortcomings in the
application processes can see much of the product potential and
investment in product pricing go to waste through poor conversion
rates," he says.
Commenting on the move, Jerry Mulle,
director, sales and marketing, iE, says: "With Moneyfacts.co.uk we've a
'pay as you go' pricing model to offer a low cost start-up solution
that supports the business case for online financial services - reduced
cost of acquisition and reduced operational costs."
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Friday, September 14, 2007
Misys acquires Dresdner Kleinwort's primary loan book building platform
UK banking software vendor Misys says it has agreed to buy eLoancoordinator, an Internet-based book building platform for the primary loan market developed by Dresdner Kleinwort. Financial terms of the deal were not disclosed.
ELoancoordinator was launched by Dresdner Kleinwort in 2005 and now has over 4000 registered users.
Misys says the platform will be further developed by its treasury & capital markets team to create a new system, branded Misys LoanCoordinator.
Managed in real-time, the system will provide bookrunners, borrowers and investors with comprehensive pipeline information required to track, analyse and administer syndicated loans on a single online site, says Misys.
The product will be available as a stand alone system or as part of Misys' Loan IQ suite for syndication, agency servicing and secondary trading activities.
Ken Katz, global product manager, Misys Loan IQ, says: "Once the product is integrated with Misys Loan IQ, bookrunners and investors will benefit from seamless front-to-back offering giving them a view of all information on a particular loan that is needed throughout the entire loan lifecycle."
Current Dresdner Kleinwort users will be transferred to Misys over the next six months. The two firms have agreed that the bank will be the first subscriber to the new Misys LoanCoordinator.
ELoancoordinator was launched by Dresdner Kleinwort in 2005 and now has over 4000 registered users.
Misys says the platform will be further developed by its treasury & capital markets team to create a new system, branded Misys LoanCoordinator.
Managed in real-time, the system will provide bookrunners, borrowers and investors with comprehensive pipeline information required to track, analyse and administer syndicated loans on a single online site, says Misys.
The product will be available as a stand alone system or as part of Misys' Loan IQ suite for syndication, agency servicing and secondary trading activities.
Ken Katz, global product manager, Misys Loan IQ, says: "Once the product is integrated with Misys Loan IQ, bookrunners and investors will benefit from seamless front-to-back offering giving them a view of all information on a particular loan that is needed throughout the entire loan lifecycle."
Current Dresdner Kleinwort users will be transferred to Misys over the next six months. The two firms have agreed that the bank will be the first subscriber to the new Misys LoanCoordinator.
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Thursday, July 26, 2007
Acquisition of N4 Solutions
Experian, the global information solutions company, announces that it has acquired N4 Solutions, a UK-based mortgage sector and financial services software provider. The acquisition is a strong strategic fit with Experian's consumer credit activities and represents a natural extension to Experian's application processing capabilities.
Founded in 1999, N4 Solutions provides industry-leading software which helps mortgage providers to allocate the most appropriate mortgage to a customer, while helping financial services clients meet key compliance objectives. Its clients include large UK mortgage providers, such as Barclays, Nationwide and Portman.
Sales of N4 Solutions in the year to 31 March 2007 were £9m and gross assets as at 31 March 2007 were £2m, excluding cash. The company was purchased from its founders and will form part of Experian's Credit Services activities.
Founded in 1999, N4 Solutions provides industry-leading software which helps mortgage providers to allocate the most appropriate mortgage to a customer, while helping financial services clients meet key compliance objectives. Its clients include large UK mortgage providers, such as Barclays, Nationwide and Portman.
Sales of N4 Solutions in the year to 31 March 2007 were £9m and gross assets as at 31 March 2007 were £2m, excluding cash. The company was purchased from its founders and will form part of Experian's Credit Services activities.
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Thursday, July 19, 2007
Nationwide confirms broking arm details
Nationwide has announced further details on how its prime intermediary arm will operate following the planned merger with Portman Building Society on August 28.
The lender will be recruiting a substantial salesforce to commensurate with the size of the newly merged organisation. The team will report into a newly created position of head of sales for prime intermediary lending which has yet to be appointed.
Nationwide’s intermediary support team - currently based in Swindon - will be relocated to Portman’s headquarters in Bournemouth over a phased period.
Portman group development director Matthew Wyles will become executive director at Nationwide with responsibility for non-retail business.
Wyles says: "Intermediaries are at the centre of our vision for the future. Our new broker development sales force is a key element of a three year strategic development plan which will revolutionise Nationwide's systems and service delivery to the
intermediary mortgage market."
Divisional director of intermediary markets Peter Leydon adds: "This
announcement is tangible evidence of the Nationwide's absolute commitment to intermediaries. My management team and I will assemble, during the coming months, a substantial and highly effective sales force to support the thousands of firms up and down the country who want to do business with Nationwide."
Reporting directly to Leydon will be: Head of corporate development Joe Rabbitt who is currently head of intermediary development at Nationwide and head of support Peter Saint Ruth who is currently a senior manager within intermediary markets at Nationwide.
The lender will be recruiting a substantial salesforce to commensurate with the size of the newly merged organisation. The team will report into a newly created position of head of sales for prime intermediary lending which has yet to be appointed.
Nationwide’s intermediary support team - currently based in Swindon - will be relocated to Portman’s headquarters in Bournemouth over a phased period.
Portman group development director Matthew Wyles will become executive director at Nationwide with responsibility for non-retail business.
Wyles says: "Intermediaries are at the centre of our vision for the future. Our new broker development sales force is a key element of a three year strategic development plan which will revolutionise Nationwide's systems and service delivery to the
intermediary mortgage market."
Divisional director of intermediary markets Peter Leydon adds: "This
announcement is tangible evidence of the Nationwide's absolute commitment to intermediaries. My management team and I will assemble, during the coming months, a substantial and highly effective sales force to support the thousands of firms up and down the country who want to do business with Nationwide."
Reporting directly to Leydon will be: Head of corporate development Joe Rabbitt who is currently head of intermediary development at Nationwide and head of support Peter Saint Ruth who is currently a senior manager within intermediary markets at Nationwide.
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Bristol and West to scrap exit fees from July 31
Bristol and West has confirmed it will also be scrapping exit fees for future customers from July 31.
This follows Cheltenham and Gloucester’s announcement last week that it will be axing its £225 exit charge on all future lending.
Lenders had a deadline of July 31 by the FSA to sort out their fee structure.
Bristol and West are now the second top 20 lender to announce they will no longer charge exit fees.
The decision will apply to mortgages on both Bank of Ireland and Bristol and West brands.
This follows Cheltenham and Gloucester’s announcement last week that it will be axing its £225 exit charge on all future lending.
Lenders had a deadline of July 31 by the FSA to sort out their fee structure.
Bristol and West are now the second top 20 lender to announce they will no longer charge exit fees.
The decision will apply to mortgages on both Bank of Ireland and Bristol and West brands.
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Wednesday, July 18, 2007
NR overtakes Lloyds TSB in CML lender league table
Northern Rock has overtaken Lloyds TSB in the Council of Mortgage Lenders’ table of the largest lenders for 2006 by gross mortgage lending.
HBOS retains its iron grip in first position with £73.2bn worth of gross lending and a 21.2% estimated market share.
In second place is Abbey with £32.6bn worth of lending and a 9.4% market share.
Northern Rock has slipped into third place, overtaking Lloyds TSB, with £29bn of lending and an 8.4% market share.
Lloyds TSB, now ranks fourth largest with £27.6bn of lending and an 8% market share.
Nationwide came in fifth position with £21.1bn and a 6.1% share of the market.
Once it merges with Portman later this year, its combined gross mortgage lending will still total less than that of Lloyds TSB, at £26.1bn.
Royal Bank of Scotland follows close behind with £20bn of lending and a 5.8% market share.
Further down the ranks, HSBC has fallen from seventh place last year to ninth place, and now sits below Barclays and Alliance & Leicester with £12.4bn of gross lending and a 3.6% share of the market.
Barclays saw £18.4bn of lending, while Alliance & Leicester saw £12.6bn.
HBOS retains its iron grip in first position with £73.2bn worth of gross lending and a 21.2% estimated market share.
In second place is Abbey with £32.6bn worth of lending and a 9.4% market share.
Northern Rock has slipped into third place, overtaking Lloyds TSB, with £29bn of lending and an 8.4% market share.
Lloyds TSB, now ranks fourth largest with £27.6bn of lending and an 8% market share.
Nationwide came in fifth position with £21.1bn and a 6.1% share of the market.
Once it merges with Portman later this year, its combined gross mortgage lending will still total less than that of Lloyds TSB, at £26.1bn.
Royal Bank of Scotland follows close behind with £20bn of lending and a 5.8% market share.
Further down the ranks, HSBC has fallen from seventh place last year to ninth place, and now sits below Barclays and Alliance & Leicester with £12.4bn of gross lending and a 3.6% share of the market.
Barclays saw £18.4bn of lending, while Alliance & Leicester saw £12.6bn.
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Friday, July 06, 2007
GE rumoured to be under investigation by FSA
Leah Milner - 05-Jul-2007
By Leah Milner
GE Money Home Lending is rumoured to be the subject of a Financial Services Authority probe.
The
rumoured investigation into the sub-prime lender comes a day after the
FSA’s review of the sector revealed serious shortcomings.
The FSA revealed it was investigating five mortgage brokers following on from its review of the sub-prime sector.
A spokesman for GE Money says the lender is unwilling to comment on industry speculation.Powered by ScribeFire.
Friday, June 29, 2007
Offset
New research published today by the Council of Mortgage Lenders has
revealed strong growth in the number of people opting for an offset
mortgage. During 2006 170,000 offset mortgages were taken out, worth
£29.3 billion - equivalent to 7% of all new lending. And, the
year-on-year growth of offset mortgages between April 2006 and March
this year was 49% (by value) - compared to just 15% for non-offset
lending. Offset mortgages combine a mortgage and savings in one account
revealed strong growth in the number of people opting for an offset
mortgage. During 2006 170,000 offset mortgages were taken out, worth
£29.3 billion - equivalent to 7% of all new lending. And, the
year-on-year growth of offset mortgages between April 2006 and March
this year was 49% (by value) - compared to just 15% for non-offset
lending. Offset mortgages combine a mortgage and savings in one account
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Wednesday, June 27, 2007
Offset mortgages gain in popularity
New
research by the Council of Mortgage Lenders (CML) has revealed that
170,000 offset mortgages worth £23.9 billion, or 7% of all new lending,
were taken out last year. They grew 49% by value in the year to
end-March, compared with the previous year, while non-offset mortgages
grew just 15%. "Mortgage lenders are constantly developing new products
to meet the needs of borrowers, and the fact there are now 250 offset
products available in the market illustrates this," said CML
statistician Phoebe Zhang said. "Continued innovation by lenders will
help to increase consumer awareness of offset products and expand the
market potential for offsets in the future."
research by the Council of Mortgage Lenders (CML) has revealed that
170,000 offset mortgages worth £23.9 billion, or 7% of all new lending,
were taken out last year. They grew 49% by value in the year to
end-March, compared with the previous year, while non-offset mortgages
grew just 15%. "Mortgage lenders are constantly developing new products
to meet the needs of borrowers, and the fact there are now 250 offset
products available in the market illustrates this," said CML
statistician Phoebe Zhang said. "Continued innovation by lenders will
help to increase consumer awareness of offset products and expand the
market potential for offsets in the future."
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Friday, June 01, 2007
N4 predicts broader outlook for AVM's
N4 Solutions has predicted that AVM technology will be much broader than just valuations providing brokers and lenders with opportunities for added value services.
Since launching AVM desktop valuations, N4 has been working on a number of developments which will see AVMs used in a much broader context including buy-to-let investment management tools for mortgage brokers, providing them with the same analysis tools as available to investment advisers, including portfolio management, capital appreciation and yield analysis.
N4 predicts that AVM technology will be utilised by anyone that has an interest in pricing either individual properties, such as end consumers and local authorities for personalised rates calculations, through to portfolio managers for more accurate securitisation modelling.
David Wiseman, consultancy director, N4 Solutions, says: “Much of the current debate is focused on the short term implication of AVMs, with little regard for what they could mean for the industry.
“We see a very real opportunity for brokers who specialise in buy-to-let to offer portfolio management facilities, which will not only create additional revenue, but guarantee a regular dialogue.
“The technology will be used in an even wider perspective and will increase the accuracy of everything from local property taxation to house price indices.”
Since launching AVM desktop valuations, N4 has been working on a number of developments which will see AVMs used in a much broader context including buy-to-let investment management tools for mortgage brokers, providing them with the same analysis tools as available to investment advisers, including portfolio management, capital appreciation and yield analysis.
N4 predicts that AVM technology will be utilised by anyone that has an interest in pricing either individual properties, such as end consumers and local authorities for personalised rates calculations, through to portfolio managers for more accurate securitisation modelling.
David Wiseman, consultancy director, N4 Solutions, says: “Much of the current debate is focused on the short term implication of AVMs, with little regard for what they could mean for the industry.
“We see a very real opportunity for brokers who specialise in buy-to-let to offer portfolio management facilities, which will not only create additional revenue, but guarantee a regular dialogue.
“The technology will be used in an even wider perspective and will increase the accuracy of everything from local property taxation to house price indices.”
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Wednesday, May 02, 2007
Oracle forms financial services software unit
Oracle is establishing a new business unit focused on developing applications for the financial services industry. The new division will be headed by Rajesh Hukku, the current chairman and managing director of its majority-owned i-flex solutions subsidiary.
Headquartered in New York the unit will centralise and coordinate Oracle's financial services software products and serve as a vehicle for future acquisitions.
The new unit will bring together i-flex's applications - including Flexcube, Reveleus, Mantas, DayBreak and Insure3 - with Oracle's product suite.
In a statement Charles Phillips, president of Oracle, says the formation of the unit "will enable the consolidation and integration of our growing portfolio of financial services applications to provide the comprehensive and best-in-class solutions that our financial services customers expect".
I-flex executives R Ravisankar - currently CEO for international operations - and Deepak Ghaisas - who is currently CEO for India operations and CFO - will join Hukku to form part of the unit's management team.
Hukku will head the new unit in addition to his i-flex oversight responsibilities and will continue on the vendor's board as non-executive chairman.
Ravisankar and Ghaisas will both join the i-flex board as vice chairmen.
I-flex says its COO NRK Raman has been named managing director and CEO, while Makarand Padalkar, currently chief of staff and head of investor relations, assumes the role of i-flex's CFO.
Finally, Derek Williams, EVP of Oracle, will also join the i-flex board.
I-flex says the management changes are designed to achieve better co-ordination with Oracle's strategy for financial services. "This is an integral step in i-flex's strategic roadmap to position ourselves better to capture the enormous opportunity in financial services by expanding our leadership team," says Hukku.
http://www.finextra.com
Headquartered in New York the unit will centralise and coordinate Oracle's financial services software products and serve as a vehicle for future acquisitions.
The new unit will bring together i-flex's applications - including Flexcube, Reveleus, Mantas, DayBreak and Insure3 - with Oracle's product suite.
In a statement Charles Phillips, president of Oracle, says the formation of the unit "will enable the consolidation and integration of our growing portfolio of financial services applications to provide the comprehensive and best-in-class solutions that our financial services customers expect".
I-flex executives R Ravisankar - currently CEO for international operations - and Deepak Ghaisas - who is currently CEO for India operations and CFO - will join Hukku to form part of the unit's management team.
Hukku will head the new unit in addition to his i-flex oversight responsibilities and will continue on the vendor's board as non-executive chairman.
Ravisankar and Ghaisas will both join the i-flex board as vice chairmen.
I-flex says its COO NRK Raman has been named managing director and CEO, while Makarand Padalkar, currently chief of staff and head of investor relations, assumes the role of i-flex's CFO.
Finally, Derek Williams, EVP of Oracle, will also join the i-flex board.
I-flex says the management changes are designed to achieve better co-ordination with Oracle's strategy for financial services. "This is an integral step in i-flex's strategic roadmap to position ourselves better to capture the enormous opportunity in financial services by expanding our leadership team," says Hukku.
http://www.finextra.com
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Tuesday, May 01, 2007
Lehman to take on rivals with £4m marketing budget
Lehman Brothers looks set to take the intermediary market by storm over the coming months after it revealed it will be spending a whopping £4m on marketing to develop its multi-brand market strategy.
Ever since Guy Batchellor, former sales and marketing director at Platform, joined the helm of Lehman Mortgage Capital as executive director of sales and marketing alongside chief executive Simon Hinshelwood, broker anticipation has mounted over what the planned changes to the Lehman mortgage brands would entail. These include Capstone Mortgage Services, SPML, Preferred Mortgages and London Mortgage Company.
Now the recruitment process has started to bolster brand positioning with a marketing budget of £4m - at least double that of some high street names.
Lehman was advertising in yesterday's The Sunday Times for a head of sales for SPML, a director of marketing and a director of strategy and change.
The latter two positions are both City-based and offer a six-figure compensation package. SPML's head of sales will also be based in the City and is offering a competitive salary.
But it's the advertisement for a director of marketing that sheds light on the Lehman Mortgage Capital strategy.
The advert says: “You will work closely with internal and external contacts to establish key messages and execute strategic marketing campaigns, on time and within a circa £4m budget.”
It also says: "This newly-created role will allow you to develop and execute a winning multi-brand market strategy, ensuring the success of Lehmans' residential mortgage brands.”
And in a strong commitment to the packaging sector it adds: “You will… expand and maintain relationships with key packagers and other core customers.”
The director of strategy and change will report directly to Hinshelwood and “will have full responsibility for ensuring that the strategic vision and ambitious transformation objectives for Lehmans' residential mortgage brand are implemented and achieved".
Also responsible for delivering a five-year business plan it would appear acquisitions are also on the cards.
The advertisement adds: “You will be tasked with delivering benefits to customers and stakeholders, through implementing multi dimensional change projects including acquisitions, business integration, operational improvement and organizational change.”
Earlier this month Mortgage Strategy Online revealed that Lehman Brothers Mortgage Capital was to launch a direct-to-broker specialist lender at the beginning of 2008.
The new brand will provide a full range of specialist products, from sub-prime, self-cert and buy-to-let to prime self-cert and prime buy-to-let, but with a dedicated direct-to-broker distribution and is designed to sidestep accusations of a direct proposition conflicting with products offered to its packager partners.
One recent entrant to the lending market, who asked not to be named, says: "This is big money. This will give Lehman blanket coverage across the trade press. It will be interesting to see how that £4m is allocated across the three and now four brands but you can guarantee that over the coming six to 12 months Lehman will be a force to be reckoned with."
http://www.mortgagestrategy.co.uk
Ever since Guy Batchellor, former sales and marketing director at Platform, joined the helm of Lehman Mortgage Capital as executive director of sales and marketing alongside chief executive Simon Hinshelwood, broker anticipation has mounted over what the planned changes to the Lehman mortgage brands would entail. These include Capstone Mortgage Services, SPML, Preferred Mortgages and London Mortgage Company.
Now the recruitment process has started to bolster brand positioning with a marketing budget of £4m - at least double that of some high street names.
Lehman was advertising in yesterday's The Sunday Times for a head of sales for SPML, a director of marketing and a director of strategy and change.
The latter two positions are both City-based and offer a six-figure compensation package. SPML's head of sales will also be based in the City and is offering a competitive salary.
But it's the advertisement for a director of marketing that sheds light on the Lehman Mortgage Capital strategy.
The advert says: “You will work closely with internal and external contacts to establish key messages and execute strategic marketing campaigns, on time and within a circa £4m budget.”
It also says: "This newly-created role will allow you to develop and execute a winning multi-brand market strategy, ensuring the success of Lehmans' residential mortgage brands.”
And in a strong commitment to the packaging sector it adds: “You will… expand and maintain relationships with key packagers and other core customers.”
The director of strategy and change will report directly to Hinshelwood and “will have full responsibility for ensuring that the strategic vision and ambitious transformation objectives for Lehmans' residential mortgage brand are implemented and achieved".
Also responsible for delivering a five-year business plan it would appear acquisitions are also on the cards.
The advertisement adds: “You will be tasked with delivering benefits to customers and stakeholders, through implementing multi dimensional change projects including acquisitions, business integration, operational improvement and organizational change.”
Earlier this month Mortgage Strategy Online revealed that Lehman Brothers Mortgage Capital was to launch a direct-to-broker specialist lender at the beginning of 2008.
The new brand will provide a full range of specialist products, from sub-prime, self-cert and buy-to-let to prime self-cert and prime buy-to-let, but with a dedicated direct-to-broker distribution and is designed to sidestep accusations of a direct proposition conflicting with products offered to its packager partners.
One recent entrant to the lending market, who asked not to be named, says: "This is big money. This will give Lehman blanket coverage across the trade press. It will be interesting to see how that £4m is allocated across the three and now four brands but you can guarantee that over the coming six to 12 months Lehman will be a force to be reckoned with."
http://www.mortgagestrategy.co.uk
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Tuesday, April 24, 2007
FSA sets out future of regulation
The Financial Services Authority has today published a paper setting out its current thinking on its move towards a more-principles-based regulatory regime.
The paper, entitled 'Principles-based Regulation - Focusing on the Outcomes that Matter', accompanies a conference also being held today at which FSA senior management, financial services industry leaders and other interested parties debate the challenges and opportunities presented by a move away from more detailed rules to a principles-based environment.
Callum McCarthy, chairman of the FSA, says: "We have set ourselves and the industry on a course towards more-principles based regulation.
"We are pursuing this with determination, but recognise there are difficult issues as well as excellent opportunities for us as a regulator, the industry and consumers.
"Today's paper and conference are designed to explore those issues as we attempt to move further towards delivering a more outcome-focused regime."
John Tiner, chief executive of the FSA, says: "Financial services markets are dynamic and innovative.
"To be effective, regulators must be able to adapt their regimes to keep pace with market changes.
"We believe principles which focus on an outcome are more enduring while at the same time better foster innovation and competition.
"More principles based regulation is the natural next step in the evolution of our regulatory system. It will give firms more choice over how they meet our requirements bringing for many a closer fit with their business processes and more clearly placing the responsibility for key regulatory decisions at more senior levels in firms.
"We have already embarked on this journey. During the past two years, the FSA has increasingly taken a principles-based approach to resolving issues in both retail and wholesale markets such as the proposed new regime for the conduct of business, our Treating Customers Fairly initiative and the work on contract certainty within the wholesale market.
"It is clear that this approach will require changes in behaviour by both firms and FSA staff.
"For the FSA's part we are ready to meet the challenge and our 2007 Business Plan sets out our plans to invest in the recruitment, development and training of our staff to ensure they have the market knowledge, competencies and skills to make the judgements necessary to make more principles based regulation work.
"We are also aware there are external issues that need to be addressed. The current preference of the EU Commission to adopt specific rules, the inevitable and proper establishment of precedent by the Financial Ombudsman Service and the role of consumers of financial services in a more principles based environment.
"All of theses issues need to be examined carefully and will not be ignored as we plan and pursue our course."
To help firms the FSA will provide, either directly or through confirmation of industry guidance, a greater range of clearly sign-posted information to enable firms to plan their business processes and controls with confidence.
http://www.mortgagestrategy.co.uk
The paper, entitled 'Principles-based Regulation - Focusing on the Outcomes that Matter', accompanies a conference also being held today at which FSA senior management, financial services industry leaders and other interested parties debate the challenges and opportunities presented by a move away from more detailed rules to a principles-based environment.
Callum McCarthy, chairman of the FSA, says: "We have set ourselves and the industry on a course towards more-principles based regulation.
"We are pursuing this with determination, but recognise there are difficult issues as well as excellent opportunities for us as a regulator, the industry and consumers.
"Today's paper and conference are designed to explore those issues as we attempt to move further towards delivering a more outcome-focused regime."
John Tiner, chief executive of the FSA, says: "Financial services markets are dynamic and innovative.
"To be effective, regulators must be able to adapt their regimes to keep pace with market changes.
"We believe principles which focus on an outcome are more enduring while at the same time better foster innovation and competition.
"More principles based regulation is the natural next step in the evolution of our regulatory system. It will give firms more choice over how they meet our requirements bringing for many a closer fit with their business processes and more clearly placing the responsibility for key regulatory decisions at more senior levels in firms.
"We have already embarked on this journey. During the past two years, the FSA has increasingly taken a principles-based approach to resolving issues in both retail and wholesale markets such as the proposed new regime for the conduct of business, our Treating Customers Fairly initiative and the work on contract certainty within the wholesale market.
"It is clear that this approach will require changes in behaviour by both firms and FSA staff.
"For the FSA's part we are ready to meet the challenge and our 2007 Business Plan sets out our plans to invest in the recruitment, development and training of our staff to ensure they have the market knowledge, competencies and skills to make the judgements necessary to make more principles based regulation work.
"We are also aware there are external issues that need to be addressed. The current preference of the EU Commission to adopt specific rules, the inevitable and proper establishment of precedent by the Financial Ombudsman Service and the role of consumers of financial services in a more principles based environment.
"All of theses issues need to be examined carefully and will not be ignored as we plan and pursue our course."
To help firms the FSA will provide, either directly or through confirmation of industry guidance, a greater range of clearly sign-posted information to enable firms to plan their business processes and controls with confidence.
http://www.mortgagestrategy.co.uk
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Tuesday, April 17, 2007
TietoEnator Digital Innovations appoints Business Development Director to new UK role
TietoEnator Digital Innovations UK has announced the appointment of Alister Hoad to the role of Director of Business Development. Alister joins TietoEnator from Cable Wireless, where he was responsible for the development of the Real Time Nostro programme and more recently in the development of Banking Solutions for corporate customers.
Digital Innovations, part of TietoEnator, is responsible for the delivery of services across the key vertical markets. It combines TietoEnator's best practices, innovations and deep industry expertise for the benefit of all the Group's companies and business units. The unit is working closely with the Banking Insurance sales teams to deliver serviced based solutions including eInvoicing and eHotel. Digital Innovations has 600 employees in nine countries.
SEPA, although a cost challenge, can offer multiple opportunities to those banks that are willing to proactively engage with their corporate customers. The TietoEnator Full SEPA service based solution offers banks a number of key attributes when servicing their corporate market; including speed to market, technical flexibility and return on investment. These services are operated over the TietoEnator eExchange platform which carries over half a billion messages per annum.
TietoEnator has a strong client base in the UK and a solid reputation in the market as a trusted partner in the safe delivery of complex solutions. Through the service based solutions of Digital Innovations, TietoEnator is well positioned to support the banks service offerings to their corporate customer base. />
Digital Innovations, part of TietoEnator, is responsible for the delivery of services across the key vertical markets. It combines TietoEnator's best practices, innovations and deep industry expertise for the benefit of all the Group's companies and business units. The unit is working closely with the Banking Insurance sales teams to deliver serviced based solutions including eInvoicing and eHotel. Digital Innovations has 600 employees in nine countries.
SEPA, although a cost challenge, can offer multiple opportunities to those banks that are willing to proactively engage with their corporate customers. The TietoEnator Full SEPA service based solution offers banks a number of key attributes when servicing their corporate market; including speed to market, technical flexibility and return on investment. These services are operated over the TietoEnator eExchange platform which carries over half a billion messages per annum.
TietoEnator has a strong client base in the UK and a solid reputation in the market as a trusted partner in the safe delivery of complex solutions. Through the service based solutions of Digital Innovations, TietoEnator is well positioned to support the banks service offerings to their corporate customer base. />
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Thursday, March 22, 2007
Progressive Building Society improves mortgage application process with TietoEnator Mortgage Sales Portal
To enhance the service offered to its mortgage introducers and provide them with another channel for doing business with the Society, Progressive Building Society today announced that it has purchased the TietoEnator Mortgage Sales Portal. The TietoEnator system will enable Progressive’s introducers to manage a number of key processes online – the production of KFIs, the submission and tracking of mortgage applications.
“We looked at a number of systems and found them to be broadly similar, but we selected the TietoEnator system because it offers us a true straight through process and integrates seamlessly with our existing TietoEnator infrastructure” said Tommy O’Neill, Head of IT, Progressive Building Society.
The majority of Progressive mortgages are introduced rather than directly sold to the customer and it is therefore imperative that the Society offers the best possible service to its introducers. “Many of our introducers are expecting to do more and more of their business online and we simply have to move forward to enable them to offer their own customers a superior service” explained Tommy O’Neill. “The TietoEnator Mortgage Sales Portal will allow us to significantly reduce the time taken to process a mortgage and enable introducers to access and track each application online.”
Using TietoEnator’s Mortgage Sales Portal, the introducer will access the Progressive website and complete the details required to produce an online KFI in real time. The introducer can then progress immediately to the application stage, again completing all the documentation online. Once submitted, the application information will pass through into the existing TietoEnator mortgage administration system without having to be re-keyed either at the branch or in Head Office.
“We will all benefit from the introduction of Mortgage Sales Portal” said Tommy O’Neill. “Introducers and customers will receive a faster, more efficient and accurate service and the Society will spend significantly less time on mortgage administration, allowing us the opportunity to grow our direct sales channel.”
Commenting on the contract with The Progressive Building Society, Richard Gammon, Managing Director, TietoEnator Financial Solutions UK said, “I’m delighted that Progressive has selected a TietoEnator front end to complement its existing TietoEnator infrastructure. Building Societies cannot afford to take a back seat when it comes to offering online services to introducers - very soon we’ll have a situation where the introducer will stop referring business to those societies that have not moved with the times.”
“We looked at a number of systems and found them to be broadly similar, but we selected the TietoEnator system because it offers us a true straight through process and integrates seamlessly with our existing TietoEnator infrastructure” said Tommy O’Neill, Head of IT, Progressive Building Society.
The majority of Progressive mortgages are introduced rather than directly sold to the customer and it is therefore imperative that the Society offers the best possible service to its introducers. “Many of our introducers are expecting to do more and more of their business online and we simply have to move forward to enable them to offer their own customers a superior service” explained Tommy O’Neill. “The TietoEnator Mortgage Sales Portal will allow us to significantly reduce the time taken to process a mortgage and enable introducers to access and track each application online.”
Using TietoEnator’s Mortgage Sales Portal, the introducer will access the Progressive website and complete the details required to produce an online KFI in real time. The introducer can then progress immediately to the application stage, again completing all the documentation online. Once submitted, the application information will pass through into the existing TietoEnator mortgage administration system without having to be re-keyed either at the branch or in Head Office.
“We will all benefit from the introduction of Mortgage Sales Portal” said Tommy O’Neill. “Introducers and customers will receive a faster, more efficient and accurate service and the Society will spend significantly less time on mortgage administration, allowing us the opportunity to grow our direct sales channel.”
Commenting on the contract with The Progressive Building Society, Richard Gammon, Managing Director, TietoEnator Financial Solutions UK said, “I’m delighted that Progressive has selected a TietoEnator front end to complement its existing TietoEnator infrastructure. Building Societies cannot afford to take a back seat when it comes to offering online services to introducers - very soon we’ll have a situation where the introducer will stop referring business to those societies that have not moved with the times.”
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Monday, March 12, 2007
Portman to make 500 redundancies
Portman says it expects to make nearly 500 staff redundant as a result of the merger with Nationwide.
The society will close its administration offices based in Wolverhampton, and says it is likely that the 250 staff who work there will lose their jobs.
The society also anticipates that there will be more redundancies in its Bournemouth offices.
Despite there being 1,100 people working there at present it expects this will fall to 850.
Portman has revealed that it is in the process of distributing approximately 1.2 million merger booklet packs in advance of the Portman annual general meeting, which is to be held on April 23 2007.
Following the announcement, on September 12 2006, of the proposal to merge Nationwide and Portman, the boards of the two societies are now able to communicate further details.
The Portman merger booklet pack will cover, AGM resolutions and voting, proposed merger process and rationale, bonus details for qualifying Portman members and information for Portman savers and borrowers.
Robert Sharpe, chief executive of Portman, says: "Merging two of the largest and most successful building societies will create a mutual of impressive strength and size in the UK retail mortgage and savings market.
“I believe this is a great deal for Portman members. They will enjoy an ongoing interest in the enlarged society and will benefit from a greatly increased branch network spanning the country.
“They will also have access to a wider range of attractively priced products, together with more comprehensive telephone and internet banking services.
“Qualifying members will receive a pre-tax merger bonus of between £200 and £1,000, if they are a saver, and £200 if they are a borrower."
Graham Beale, chief executive designate of Nationwide, says: "We believe that Nationwide has a great deal to offer the members of Portman.
“The enlarged society, with its strong commitment to mutuality, will be in an even stronger position to deliver real value to its members through better product pricing and excellent service.
“As the UK's largest mutual we continue to provide a compelling alternative to the big retail banks."
The society will close its administration offices based in Wolverhampton, and says it is likely that the 250 staff who work there will lose their jobs.
The society also anticipates that there will be more redundancies in its Bournemouth offices.
Despite there being 1,100 people working there at present it expects this will fall to 850.
Portman has revealed that it is in the process of distributing approximately 1.2 million merger booklet packs in advance of the Portman annual general meeting, which is to be held on April 23 2007.
Following the announcement, on September 12 2006, of the proposal to merge Nationwide and Portman, the boards of the two societies are now able to communicate further details.
The Portman merger booklet pack will cover, AGM resolutions and voting, proposed merger process and rationale, bonus details for qualifying Portman members and information for Portman savers and borrowers.
Robert Sharpe, chief executive of Portman, says: "Merging two of the largest and most successful building societies will create a mutual of impressive strength and size in the UK retail mortgage and savings market.
“I believe this is a great deal for Portman members. They will enjoy an ongoing interest in the enlarged society and will benefit from a greatly increased branch network spanning the country.
“They will also have access to a wider range of attractively priced products, together with more comprehensive telephone and internet banking services.
“Qualifying members will receive a pre-tax merger bonus of between £200 and £1,000, if they are a saver, and £200 if they are a borrower."
Graham Beale, chief executive designate of Nationwide, says: "We believe that Nationwide has a great deal to offer the members of Portman.
“The enlarged society, with its strong commitment to mutuality, will be in an even stronger position to deliver real value to its members through better product pricing and excellent service.
“As the UK's largest mutual we continue to provide a compelling alternative to the big retail banks."
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Temenos adds 41 new clients in 2006, secures prime position in IBS Sales League Table
Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that IBS Publishing has ranked Temenos T24™ (T24) in second place in its Sales League Table 2006 in the universal banking category. Take up for T24 saw a 25% increase in 2006 with 40 new clients, giving it a customer-base of 440 banks in this category, the largest of any core banking product. The report also records one sale of Temenos™ CoreBanking (TCB) with a retail client base of 79.
Temenos has appeared in the top two positions of the league table for eight of the last nine years. Andreas Andreades, CEO, Temenos, says: “Our consistency in serving our industry over the past 10 years has been recognised with our placing in the IBS league report. I personally want to thank all our clients that have placed their trust in us for their commitment and support. The strong revenues yielded from our growing raft of tier 1 and 2 wins ensure that we’re able to invest 20% of turnover in R a higher rate than any of our competitors. That we can then roll out this rich functionality to our entire client base gives us our unique business model.”
During the past two years, Temenos has announced eight tier 1 wins with banks such as Deutsche Bank, Fortis and Sumitomo Mitsui Banking Corporation.
Having the largest client base across all banking verticals has put Temenos in the best position to launch Temenos Model Bank in 2006. Temenos Model Bank delivers T24 with mostly pre-configured, pre-parametered features and incorporates a global best practice standard that achieves 50% lower implementation time frames. Temenos Model Bank and the associated implementation methodology minimises customisation, reduces costs and also brings tighter controls over project scope and deliverables. The overall result is a quick and safe implementation.
T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
TCB is a modern, scalable retail banking platform that is capable of handling mass-scale business volumes of the very largest banks worldwide. It offers all the functionality required by operations on this scale, but at a greatly reduced cost of transactions and operations compared with other, less efficient solutions. Above all, TCB is a multi-bank system in a single software image that enables banks to develop new products across many channels quickly and cost-effectively.
Temenos has appeared in the top two positions of the league table for eight of the last nine years. Andreas Andreades, CEO, Temenos, says: “Our consistency in serving our industry over the past 10 years has been recognised with our placing in the IBS league report. I personally want to thank all our clients that have placed their trust in us for their commitment and support. The strong revenues yielded from our growing raft of tier 1 and 2 wins ensure that we’re able to invest 20% of turnover in R a higher rate than any of our competitors. That we can then roll out this rich functionality to our entire client base gives us our unique business model.”
During the past two years, Temenos has announced eight tier 1 wins with banks such as Deutsche Bank, Fortis and Sumitomo Mitsui Banking Corporation.
Having the largest client base across all banking verticals has put Temenos in the best position to launch Temenos Model Bank in 2006. Temenos Model Bank delivers T24 with mostly pre-configured, pre-parametered features and incorporates a global best practice standard that achieves 50% lower implementation time frames. Temenos Model Bank and the associated implementation methodology minimises customisation, reduces costs and also brings tighter controls over project scope and deliverables. The overall result is a quick and safe implementation.
T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
TCB is a modern, scalable retail banking platform that is capable of handling mass-scale business volumes of the very largest banks worldwide. It offers all the functionality required by operations on this scale, but at a greatly reduced cost of transactions and operations compared with other, less efficient solutions. Above all, TCB is a multi-bank system in a single software image that enables banks to develop new products across many channels quickly and cost-effectively.
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Friday, March 09, 2007
Britannia and EBS to launch Irish mortgage JV
Britannia is in advanced talks with Irish mutual EBS to set up a new full service joint venture focussing on the Irish mortgage intermediary market.
The plans entail combining the award-winning expertise of Platform, the intermediary lender of Britannia, with EBS's strong reputation and sales network in Ireland.
Both societies see brokers taking a bigger share of the residential mortgage market in Ireland, as they have in the UK, and see significant opportunities for growth in the broker market.
Britannia Group chief executive Neville Richardson says the proposed JV was an exciting prospect for Britannia, as it would be the first time the Group had operated in residential mortgage markets outside the UK.
He says: "This has the potential to be a very successful and profitable venture for both parties, adding significant value for Britannia's members in the UK and EBS's members in Ireland. EBS shares similar values to Britannia and is very strong in the Irish market. The venture will allow us to exploit Platform's renowned expertise in serving the intermediary sector in a completely new market.”
EBS chief executive Ted McGovern says Britannia's success in the UK intermediary market made it the perfect partner for EBS.
He adds: “In Britannia we see both complementary capabilities and, being a committed mutual like ourselves, a very compatible business philosophy, ethos and values.
“EBS has just completed a successful first full year in the broker market. We believe that, going forward, this channel will account for an even bigger proportion of the overall residential mortgage market in Ireland.
"In order to fully avail of these opportunities I am delighted to confirm that EBS and Britannia Building Society are in advanced discussions to create a joint venture which will serve this market.”
The joint venture will leverage EBS' local market knowledge, established distribution presence and reputation as well as Britannia's experience of intermediary channels.
Discussions have opened with the Irish Financial Regulator and, subject to regulatory approval, the JV is expected to be in operation in the second half of the year.
The plans entail combining the award-winning expertise of Platform, the intermediary lender of Britannia, with EBS's strong reputation and sales network in Ireland.
Both societies see brokers taking a bigger share of the residential mortgage market in Ireland, as they have in the UK, and see significant opportunities for growth in the broker market.
Britannia Group chief executive Neville Richardson says the proposed JV was an exciting prospect for Britannia, as it would be the first time the Group had operated in residential mortgage markets outside the UK.
He says: "This has the potential to be a very successful and profitable venture for both parties, adding significant value for Britannia's members in the UK and EBS's members in Ireland. EBS shares similar values to Britannia and is very strong in the Irish market. The venture will allow us to exploit Platform's renowned expertise in serving the intermediary sector in a completely new market.”
EBS chief executive Ted McGovern says Britannia's success in the UK intermediary market made it the perfect partner for EBS.
He adds: “In Britannia we see both complementary capabilities and, being a committed mutual like ourselves, a very compatible business philosophy, ethos and values.
“EBS has just completed a successful first full year in the broker market. We believe that, going forward, this channel will account for an even bigger proportion of the overall residential mortgage market in Ireland.
"In order to fully avail of these opportunities I am delighted to confirm that EBS and Britannia Building Society are in advanced discussions to create a joint venture which will serve this market.”
The joint venture will leverage EBS' local market knowledge, established distribution presence and reputation as well as Britannia's experience of intermediary channels.
Discussions have opened with the Irish Financial Regulator and, subject to regulatory approval, the JV is expected to be in operation in the second half of the year.
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Thursday, March 08, 2007
Moneyfacts opening up loan system
Moneyfacts is set to take on Mortgage Brain and Trigold with a full application and sourcing system for mortgage brokers.
The firm already runs a limited sourcing engine for intermediaries called eMoneyfacts used by 8,000 brokers but is planning a complete revamp of its system.
Brokers have welcomed the move as it will provide much needed competition if Mortgage Brain and Trigold merge.
The present eMoneyfacts system is not linked to lenders' back offices and so a full application is not yet possible.
The first phase of its five-stage revamp, which will be completed in the second quarter, will speed up navigation of the website but enhancements will be not be complete until early next year.
It will also display savings, loans, credit card and current accounts products.
Head of eMoneyfacts Paul Yallop says: "The new system will be linked to lenders' back offices to do the processing."
The firm already runs a limited sourcing engine for intermediaries called eMoneyfacts used by 8,000 brokers but is planning a complete revamp of its system.
Brokers have welcomed the move as it will provide much needed competition if Mortgage Brain and Trigold merge.
The present eMoneyfacts system is not linked to lenders' back offices and so a full application is not yet possible.
The first phase of its five-stage revamp, which will be completed in the second quarter, will speed up navigation of the website but enhancements will be not be complete until early next year.
It will also display savings, loans, credit card and current accounts products.
Head of eMoneyfacts Paul Yallop says: "The new system will be linked to lenders' back offices to do the processing."
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Nationwide announces new intermediary team
Nationwide Building Society has revealed that subject to its proposed merger with Portman Building Society going ahead, it is to create a new team of senior management dedicated to intermediary markets and specialist lending.
Heading up the team will be Matthew Wyles, who will become a group executive director, with Peter Leydon taking on the role of divisional director intermediary markets and Andy McQueen becoming divisional director specialist lending.
This is the first time Nationwide will have appointed a main board director to concentrate exclusively on intermediated mortgage business across the entire Group's spectrum of activity including commercial lending. Wyles' and McQueen's appointments will take effect from the date of the proposed merger (expected to be 28 August 2007) and Leydon's appointment will take effect from 1 April 2007.
Heading up the team will be Matthew Wyles, who will become a group executive director, with Peter Leydon taking on the role of divisional director intermediary markets and Andy McQueen becoming divisional director specialist lending.
This is the first time Nationwide will have appointed a main board director to concentrate exclusively on intermediated mortgage business across the entire Group's spectrum of activity including commercial lending. Wyles' and McQueen's appointments will take effect from the date of the proposed merger (expected to be 28 August 2007) and Leydon's appointment will take effect from 1 April 2007.
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Friday, March 02, 2007
Britannia buoyant after lending leap in 2006
Britannia Building Society has seen mortgage lending beat average market growth levels, while profits were also up.
The lender saw gross mortgage lending up 22 per cent to £8.4bn in 2006, with profits up from £120.5m in 2005 to £130.4m.
The society says its intermediary lender Platform improved its product range and saw enhancements over the year such as the launch clickapplication, a new online application process, alongside the clickdecision online decision in principle service.
Britannia chief executive Neville Richardson said: "Britannia's record results reflect a growing business that is delivering for its members. Sales of mortgages, personal loans, investment and insurance were increased in an immensely competitive market. This is thanks to our people who are fully engaged, skilled and dedicated in a way few companies can match."
The lender saw gross mortgage lending up 22 per cent to £8.4bn in 2006, with profits up from £120.5m in 2005 to £130.4m.
The society says its intermediary lender Platform improved its product range and saw enhancements over the year such as the launch clickapplication, a new online application process, alongside the clickdecision online decision in principle service.
Britannia chief executive Neville Richardson said: "Britannia's record results reflect a growing business that is delivering for its members. Sales of mortgages, personal loans, investment and insurance were increased in an immensely competitive market. This is thanks to our people who are fully engaged, skilled and dedicated in a way few companies can match."
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Wednesday, February 14, 2007
Muslim mortgage approvals hit £100m
Islamic bank alburaq has reported that it has approved over £100m worth of mortgage business over the last six months.
The bank expects to see the total market grow to over £1bn by 2009.
Alburaq launched home and buy-to-let finance for the UK’s two million
Muslims towards the end of 2004, which offered the Muslim community an
ability to own and invest in property.
Keith Leach, head of alburaq at ABC International Bank plc, says: “We are now seeing the UK market developing very quickly.
“It is also noticeable that the nature of our enquiries is changing and less explanation is now required about how these products work and the focus is now more about how much is the cost.
“At the moment the volume of Islamic mortgage business is only a small percentage of the total mortgage figure in the UK, but based on our current trends we are predicting significant growth over the next two years."
Shariah law prohibits the practice of earning money from money, so the
payment of interest known as Riba is not allowed.
Shariah compliant finance products operate without earning - or charging - interest, enabling Muslims to bank without compromising their principles.
Alburaq recently partnered with Bristol West to launch the home and buy-to-let finance so it could combine its expertise in Islamic banking with
Bristol West’s experience in the UK mortgage market.
A spokeswoman for Bristol West says: "We have opened up some very interesting opportunities for the Muslim community in the UK.
“We are delighted with our partnership with alburaq and we see this going from strength to strength in the future.
“While the product’s structure differs from conventional interest based
mortgages to ensure compliance with Shariah law, the criteria are the same
as Bristol West‘s conventional mortgage range.
“All products benefit from the significantly enhanced criteria improvements Bristol West have made."
The bank expects to see the total market grow to over £1bn by 2009.
Alburaq launched home and buy-to-let finance for the UK’s two million
Muslims towards the end of 2004, which offered the Muslim community an
ability to own and invest in property.
Keith Leach, head of alburaq at ABC International Bank plc, says: “We are now seeing the UK market developing very quickly.
“It is also noticeable that the nature of our enquiries is changing and less explanation is now required about how these products work and the focus is now more about how much is the cost.
“At the moment the volume of Islamic mortgage business is only a small percentage of the total mortgage figure in the UK, but based on our current trends we are predicting significant growth over the next two years."
Shariah law prohibits the practice of earning money from money, so the
payment of interest known as Riba is not allowed.
Shariah compliant finance products operate without earning - or charging - interest, enabling Muslims to bank without compromising their principles.
Alburaq recently partnered with Bristol West to launch the home and buy-to-let finance so it could combine its expertise in Islamic banking with
Bristol West’s experience in the UK mortgage market.
A spokeswoman for Bristol West says: "We have opened up some very interesting opportunities for the Muslim community in the UK.
“We are delighted with our partnership with alburaq and we see this going from strength to strength in the future.
“While the product’s structure differs from conventional interest based
mortgages to ensure compliance with Shariah law, the criteria are the same
as Bristol West‘s conventional mortgage range.
“All products benefit from the significantly enhanced criteria improvements Bristol West have made."
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TEMENOS named a leader among core banking vendors by leading research firm
TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Forrester Research has placed TEMENOS in the Leaders category in its report, The Forrester Wave™ Core Banking Suites, Q1 2007. The report also found that TEMENOS T24™, the company’s modular core banking application, received the highest score in terms of core banking functionality and installed base, with some 500 clients and 600 live sites.
The report states that TEMENOS “…offers the strongest overall core banking functionality, without particular functional weak spots. TEMENOS also scored best on international versatility: If a bank needs a strong core banking solution that can comprehensively support multiple languages and character sets in terms of presentation and storage or that needs a strong Islamic banking offering, TEMENOS is one of the core banking vendors to short-list…”
TEMENOS scored 4.78 out of 5 in the core banking category, which reviewed areas such as bank and product management, bank support, sales, and product alignment. Forrester Research also highlights that TEMENOS T24 is one of the core banking systems to choose when multi-channel support is a very strong requirement.
Forrester Research selected vendors based on qualification criteria that included a forward-looking architectural approach, sound success in 2005, global delivery capability, and banking platform and core banking commitment. It then evaluated each against 88 criteria, grouped into current offering, strategy and market presence.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
The report states that TEMENOS “…offers the strongest overall core banking functionality, without particular functional weak spots. TEMENOS also scored best on international versatility: If a bank needs a strong core banking solution that can comprehensively support multiple languages and character sets in terms of presentation and storage or that needs a strong Islamic banking offering, TEMENOS is one of the core banking vendors to short-list…”
TEMENOS scored 4.78 out of 5 in the core banking category, which reviewed areas such as bank and product management, bank support, sales, and product alignment. Forrester Research also highlights that TEMENOS T24 is one of the core banking systems to choose when multi-channel support is a very strong requirement.
Forrester Research selected vendors based on qualification criteria that included a forward-looking architectural approach, sound success in 2005, global delivery capability, and banking platform and core banking commitment. It then evaluated each against 88 criteria, grouped into current offering, strategy and market presence.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
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Tuesday, February 13, 2007
TietoEnator recognised as the most innovative electronic invoicing provider
The British magazine Financial-I has recognised TietoEnator, together with Nordea Bank, as the most innovative electronic invoicing provider.
/>By combining TietoEnator's net invoicing and message conversion capability with Nordea's e-invoicing and banking services, the formatting problems and data processing incompatibilities that have hindered widespread uptake of online invoicing have been overcome.
/>With its Leaders in Innovation Award, the magazine acknowledges companies that demonstrate an ongoing commitment to product innovation. Innovation leaders are identified across more than 50 categories and researched by a team of journalists, working together with leading consultants and analysts.
/>Mats Wikström, Director and responsible for international markets at TE Digital Innovations, said that E-invoicing now starts to pay back after several years of investments.
/>"Interest in e-invoicing is increasing rapidly outside the traditionally strong Nordic region and starting to attract a wider range of customers. In order to achieve market penetration by reaching private and corporate customers, cooperation with banks is vital. We expect the growth to continue and accelerate during the coming years as the added value from e-invoicing becomes more apparent and the amount of users increases", Wikström said.
/>The European market has an annual volume of about 28 billion invoices. In 2006, market penetration in Europe was approximately 2%, with an annual growth rate of 60-100%.
Based on volume and market share, TietoEnator is a market-leading provider in the Nordic region and Germany, as well as one of the leading providers in Europe. The company offers one-stop-shopping capability for e-invoicing and e-payment services. The aim is to support the digitization of the financial value chain by providing state of art e-services for the international market.
/>TietoEnator's Digital Innovations has more than 150 e-invoicing services specialists in Sweden, Finland, Germany and the Czech Republic providing services for an international market.
/>By combining TietoEnator's net invoicing and message conversion capability with Nordea's e-invoicing and banking services, the formatting problems and data processing incompatibilities that have hindered widespread uptake of online invoicing have been overcome.
/>With its Leaders in Innovation Award, the magazine acknowledges companies that demonstrate an ongoing commitment to product innovation. Innovation leaders are identified across more than 50 categories and researched by a team of journalists, working together with leading consultants and analysts.
/>Mats Wikström, Director and responsible for international markets at TE Digital Innovations, said that E-invoicing now starts to pay back after several years of investments.
/>"Interest in e-invoicing is increasing rapidly outside the traditionally strong Nordic region and starting to attract a wider range of customers. In order to achieve market penetration by reaching private and corporate customers, cooperation with banks is vital. We expect the growth to continue and accelerate during the coming years as the added value from e-invoicing becomes more apparent and the amount of users increases", Wikström said.
/>The European market has an annual volume of about 28 billion invoices. In 2006, market penetration in Europe was approximately 2%, with an annual growth rate of 60-100%.
Based on volume and market share, TietoEnator is a market-leading provider in the Nordic region and Germany, as well as one of the leading providers in Europe. The company offers one-stop-shopping capability for e-invoicing and e-payment services. The aim is to support the digitization of the financial value chain by providing state of art e-services for the international market.
/>TietoEnator's Digital Innovations has more than 150 e-invoicing services specialists in Sweden, Finland, Germany and the Czech Republic providing services for an international market.
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Friday, February 09, 2007
New commercial loans system for Derbyshire
The Derbyshire, has selected Phoebus Software’s ‘Commercial’ package for origination and servicing of its commercial mortgage portfolio, delivered initially through the society’s “Salt Commercial” brand.
The Phoebus installation will enable brokers to conduct their business with Salt Commercial, including proposal submission and case tracking, using the Web as well as introducing document imaging technology.
The Phoebus installation will enable brokers to conduct their business with Salt Commercial, including proposal submission and case tracking, using the Web as well as introducing document imaging technology.
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Wednesday, February 07, 2007
Skipton reports 14.2% mortgage balance growth
Skipton reports 14.2% mortgage balance growth
Skipton has reported its group mortgage balances grew by 14.2% in 2006.
The society also unveils a record year for 2006 as its assets reach over £10bn.
John Goodfellow, chief executive of Skiptons called its 153rd year “a milestone in its history”.
He says: “As well as having an impressive year for growth, many other financial records, including mortgage lending and retail inflows, were broken in 2006.
“However, success has not been solely the preserve of the society - the Skipton Group, with its 17 subsidiary companies, has also achieved some outstanding results.”
Skipton Group announced that at the end of December 2006 its assets were up 15.0% to £10.5bn, its pre-tax profit was up 62.0% to £147.7m, and interest rate margin was 1.02% (down 0.06% from 2005).
The building society’s assets were up 14.6% to £10.1bn, its pre-tax profit up 63.1% to £91.0m, interest rate margin was 0.72% (down 0.02% from 2005), and its management expenses ratio was down from 60p to 57p per £100 assets.
Year-on-year Group mortgage balances grew by 14.2% and retail investment balances grew by 17.5%.
Goodfellow adds: “The business has seen growth in all of its core areas; during 2006, retail balances grew by £914m, ending the year at £6.1bn.
“With regard to borrowers, rising interest rates have been fuelling speculation that repossession figures are set to rise.
“At Skipton, however, prudent lending – with applications assessed individually on their affordability merits – means this is not an issue.
“At December 31 2006, the society had only six properties in possession from a population of 73,000 loans."
He adds: “Core areas such as savings and mortgages remain at the heart of the Group, illustrated by the fact that mortgage origination through the society, Amber Homeloans, Pink Homeloans, Skipton Guernsey and the Connells Group totalled £11.5bn last year.”
Skipton has reported its group mortgage balances grew by 14.2% in 2006.
The society also unveils a record year for 2006 as its assets reach over £10bn.
John Goodfellow, chief executive of Skiptons called its 153rd year “a milestone in its history”.
He says: “As well as having an impressive year for growth, many other financial records, including mortgage lending and retail inflows, were broken in 2006.
“However, success has not been solely the preserve of the society - the Skipton Group, with its 17 subsidiary companies, has also achieved some outstanding results.”
Skipton Group announced that at the end of December 2006 its assets were up 15.0% to £10.5bn, its pre-tax profit was up 62.0% to £147.7m, and interest rate margin was 1.02% (down 0.06% from 2005).
The building society’s assets were up 14.6% to £10.1bn, its pre-tax profit up 63.1% to £91.0m, interest rate margin was 0.72% (down 0.02% from 2005), and its management expenses ratio was down from 60p to 57p per £100 assets.
Year-on-year Group mortgage balances grew by 14.2% and retail investment balances grew by 17.5%.
Goodfellow adds: “The business has seen growth in all of its core areas; during 2006, retail balances grew by £914m, ending the year at £6.1bn.
“With regard to borrowers, rising interest rates have been fuelling speculation that repossession figures are set to rise.
“At Skipton, however, prudent lending – with applications assessed individually on their affordability merits – means this is not an issue.
“At December 31 2006, the society had only six properties in possession from a population of 73,000 loans."
He adds: “Core areas such as savings and mortgages remain at the heart of the Group, illustrated by the fact that mortgage origination through the society, Amber Homeloans, Pink Homeloans, Skipton Guernsey and the Connells Group totalled £11.5bn last year.”
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BM Solutions has been voted as best overall lender for 2006
BM Solutions has been voted as best overall lender for 2006 by Square Mile
Mortgage Finance at its annual awards.
Beating off strong competition from Portman/The Mortgage Works and Abbey, BM Solutions reclaimed the award it previously won in 2004.
Andy Wilgoss, managing director of SMMF, says: "We had a phenomenal year with BM Solutions and they were our number one lender for business.
"BM Solutions were consistent throughout the year with the tried and tested mix of rates, service and relationship.
"Their relationship management strategy at all levels is testimony to the quality people they employ."
Adrian Moloney from Portman/TMW scooped business development manager of the year with Tony Bachelder from Halifax and Paul Dignan from Bristol West Mortgages both making the shortlist.
Wilgoss adds: "Whilst Moloney now operates as a regional manager, we are
grateful that he still looks after us as his professionalism to do the job
to the highest level is a credit to him.
"He certainly went the extra mile when needed and the end result was an increase of 100% in business placed with Portman/TMW in 2006."
Mortgage Finance at its annual awards.
Beating off strong competition from Portman/The Mortgage Works and Abbey, BM Solutions reclaimed the award it previously won in 2004.
Andy Wilgoss, managing director of SMMF, says: "We had a phenomenal year with BM Solutions and they were our number one lender for business.
"BM Solutions were consistent throughout the year with the tried and tested mix of rates, service and relationship.
"Their relationship management strategy at all levels is testimony to the quality people they employ."
Adrian Moloney from Portman/TMW scooped business development manager of the year with Tony Bachelder from Halifax and Paul Dignan from Bristol West Mortgages both making the shortlist.
Wilgoss adds: "Whilst Moloney now operates as a regional manager, we are
grateful that he still looks after us as his professionalism to do the job
to the highest level is a credit to him.
"He certainly went the extra mile when needed and the end result was an increase of 100% in business placed with Portman/TMW in 2006."
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Monday, February 05, 2007
Finacle from Infosys positioned in the Leaders Quadrant in the Magic Quadrant for International Retail Core Banking Solutions
Finacle from Infosys, today announced that Gartner, Inc. has positioned Finacle core banking solution in the Leader Quadrant in the recently released ‘Magic Quadrant for International Retail Core Banking (IRCB) 2006’ report.
Magic Quadrants depict markets using a two dimensional matrix that evaluates vendors based on their completeness of vision and ability to execute. The Magic Quadrant has 15 weighted criteria that plot vendors based on their relative strengths in the market. Magic Quadrant for IRCB assesses the impact of transition and volatility in the market, vendor consolidation trend, and a technology evolution that promises to enhance business agility on key international vendors and their products that serve this market.
According to Gartner, “Leaders are vendors that possess a strong banking market understanding, have a measurable strategy for disaggregating core banking software functionality into component-based constructs, exhibit highly developed and certified development and delivery of quality methodologies, and have extensive marketing delivery and sales channels. Leaders also share conspicuous operational organization approaches that are relevant to the business and a willingness to extend resources to ensure a successful customer experience”.
Vendor qualification for inclusion in the 2006 IRCB Magic Quadrant was centred on market-established players and some relatively new entrants that show strong promise. The evaluation began with 31 candidates for the IRCB Magic Quadrant for 2006 and resulted in a qualified group of 18 combinations of vendors and products that represent the major movers in retail core banking systems. The selection criteria served to cull vendor products that possessed sufficient market traction and momentum, supported basic retail functionality and international support, and provided evidence of short-term viability.
http://www.bobsguide.com
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Friday, February 02, 2007
GE Money Home Lending
GEMHL outlines its 2006 results
GE Money Home Lending has said it achieved double-digit growth in its core mortgage business during 2006, with significant volume generated through new and existing products and partnerships.
The group claimed it has outperformed the general market two to one, with 37% growth in like-for-like business. It achieved 47% growth in the final quarter of the year, and said that research indicates that the specialist sector will grow by 35% by 2009.
Looking ahead, Colin Shave, chief executive, said 2007 will be another important year for the group. He added: “Our aim is to drive growth by continuing to provide our existing partners with attractive products, superior service and technology to help them meet the needs of their consumers. In addition, we intend to build upon our recent entry into the buy to let and direct to broker markets, broadening our reach and ensuring our products are available through different channels. This represents a further step towards diversifying our distribution network and offering within the marketplace.”
He continued: “In addition, our research suggests that growth of the specialist mortgage market within the direct broker channel will outstrip general growth in this market by two to one. We are keen to have a significant presence in this channel, adding to the growing partnerships we have already established within the broker and packager industry. 2007 will see us develop this further, potentially working with selected networks and mortgage club partners as the year progresses.”
http://www.mortgagesolutions-online.com
GE Money Home Lending has said it achieved double-digit growth in its core mortgage business during 2006, with significant volume generated through new and existing products and partnerships.
The group claimed it has outperformed the general market two to one, with 37% growth in like-for-like business. It achieved 47% growth in the final quarter of the year, and said that research indicates that the specialist sector will grow by 35% by 2009.
Looking ahead, Colin Shave, chief executive, said 2007 will be another important year for the group. He added: “Our aim is to drive growth by continuing to provide our existing partners with attractive products, superior service and technology to help them meet the needs of their consumers. In addition, we intend to build upon our recent entry into the buy to let and direct to broker markets, broadening our reach and ensuring our products are available through different channels. This represents a further step towards diversifying our distribution network and offering within the marketplace.”
He continued: “In addition, our research suggests that growth of the specialist mortgage market within the direct broker channel will outstrip general growth in this market by two to one. We are keen to have a significant presence in this channel, adding to the growing partnerships we have already established within the broker and packager industry. 2007 will see us develop this further, potentially working with selected networks and mortgage club partners as the year progresses.”
http://www.mortgagesolutions-online.com
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Thursday, February 01, 2007
Islamic Mortgages
UK to become a leading global centre for Islamic finance
The Economic Secretary, Ed Balls, has set out new measures to establish the UK as a leading global centre for Islamic finance.
In his speech to the Euromoney Annual Islamic Finance summit, Balls argued that the Government has a role in helping industry overcome barriers to the development of Islamic Finance in the UK.
This includes legislation in the Finance Bill 2007 to facilitate the UK issuance and trading of Sukuk – the Islamic equivalent of conventional securitizations - diminishing Musharka – the Islamic equivalent of a loan repaid in instalments and Takaful – a Shari’a compliant form of insurance - to be published alongside the Budget. He also stressed that Islamic finance will become a key priority of the work of the Chancellor’s High-Level Group.
The Government also welcomed industry developments, including a Memorandum of Understanding signed today between the International Capital Markets Association and the International Islamic Financial Market to set standards for Islamic Capital Markets. He also spoke of the launch of the Islamic Finance Qualification in October, a joint initiative between the Securities and Investment Institute, and the Ecole Superieure des Affaires, one of the leading business schools in the Middle East, to develop qualifications in Islamic Finance.
Ed Balls said: “I am pleased to be able to outline these reforms alongside the announcement of a Memorandum of Understanding to help set standards for Islamic capital markets. Today is an example of public and private sectors working together to fulfil our shared ambition of creating major international markets in Islamic finance with London as their centre.”
http://www.mortgagesolutions-online.com
The Economic Secretary, Ed Balls, has set out new measures to establish the UK as a leading global centre for Islamic finance.
In his speech to the Euromoney Annual Islamic Finance summit, Balls argued that the Government has a role in helping industry overcome barriers to the development of Islamic Finance in the UK.
This includes legislation in the Finance Bill 2007 to facilitate the UK issuance and trading of Sukuk – the Islamic equivalent of conventional securitizations - diminishing Musharka – the Islamic equivalent of a loan repaid in instalments and Takaful – a Shari’a compliant form of insurance - to be published alongside the Budget. He also stressed that Islamic finance will become a key priority of the work of the Chancellor’s High-Level Group.
The Government also welcomed industry developments, including a Memorandum of Understanding signed today between the International Capital Markets Association and the International Islamic Financial Market to set standards for Islamic Capital Markets. He also spoke of the launch of the Islamic Finance Qualification in October, a joint initiative between the Securities and Investment Institute, and the Ecole Superieure des Affaires, one of the leading business schools in the Middle East, to develop qualifications in Islamic Finance.
Ed Balls said: “I am pleased to be able to outline these reforms alongside the announcement of a Memorandum of Understanding to help set standards for Islamic capital markets. Today is an example of public and private sectors working together to fulfil our shared ambition of creating major international markets in Islamic finance with London as their centre.”
http://www.mortgagesolutions-online.com
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Wednesday, January 31, 2007
Intelligent Finance issue a formal mortgage offer within 24 hours
IF offers 24 hour mortgage offers
Intelligent Finance has pledged to issue a formal mortgage offer within 24 hours of receiving a completed mortgage pack as part of its new service standards.
Cammy Amaira, director of sales at Intelligent Finance, says: "When your profession is mortgage sales, there is nothing more frustrating than delays in processing.
“We're confident that we can deliver our new mortgage promise consistently providing the broker provides the necessary documentation in the mortgage pack to support the application and a valuation has been done on the property.
"I'm delighted that we're now in a position to offer an even better service. This reflects well on us as a lender but, more importantly, leaves clients with a good impression on the service provided by the broker.
“This can be crucial in building a long-term relationship with clients."
Simon Ring, proprietor of Ring Associates, says: "Brokers have huge expectations of the service they should receive and it's the differentiating factor for any successful lender."
http://www.mortgagestrategy.co.uk
Intelligent Finance has pledged to issue a formal mortgage offer within 24 hours of receiving a completed mortgage pack as part of its new service standards.
Cammy Amaira, director of sales at Intelligent Finance, says: "When your profession is mortgage sales, there is nothing more frustrating than delays in processing.
“We're confident that we can deliver our new mortgage promise consistently providing the broker provides the necessary documentation in the mortgage pack to support the application and a valuation has been done on the property.
"I'm delighted that we're now in a position to offer an even better service. This reflects well on us as a lender but, more importantly, leaves clients with a good impression on the service provided by the broker.
“This can be crucial in building a long-term relationship with clients."
Simon Ring, proprietor of Ring Associates, says: "Brokers have huge expectations of the service they should receive and it's the differentiating factor for any successful lender."
http://www.mortgagestrategy.co.uk
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Cumberland Building Society selects Alaric
Cumberland Building Society selects Alaric technology for online banking
Alaric International, a leading supplier of advanced technology solutions for the card payments industry, today announced that it is providing the technology platform for the launch of a new online banking service for Cumberland Building Society.
The internet banking solution will be offered to personal and business customers later this year and is being delivered in partnership with Sandstone Technology, a leading developer and integrator of specialised software, services and solutions for the financial services market.
Sandstone will be delivering full internet banking functionality for the new system through the implementation of its industry-leading Direct Banking platform, BankLink. An extension of Alaric's Authentic authorisation, switching and ATM management system already implemented at Cumberland Building Society will interface with both BankLink and Cumberland Building Society's host system. This will provide a 24x7 source of information for the system, including continuous real-time transaction and balance data availability, in addition to authorisation of online transaction requests. The new system is due to go live in late 2007, following pilot testing.
"Our new internet banking service will enable our current account customers to securely view and manage their accounts online 24-hours a day, seven days a week," commented John Kidd, Finance Director and Secretary, Cumberland Building Society. "The solution offered by Alaric and Sandstone delivers the flexibility, speed and world-class security to ensure a robust, reliable and convenient service for customers."
"We are delighted to be strengthening our relationship with Cumberland Building Society and extending our existing service offering for this key solution," added Steve Lomax, Director of Sales Marketing for Alaric International. "Authentic offers a proven, high performance and versatile platform to support the delivery of internet banking capabilities to banking customers. To be implementing such a key project in partnership with Sandstone is an exciting opportunity for us."
Authentic is Alaric International's highly configurable, scaleable credit, debit and charge card authorisation, payment gateway and switching solution. The Authentic system enables easy integration of existing payment systems with new delivery channels via its simple point-and-click configurable mapping technology and transparent business logic.
http://www.finextra.com
Alaric International, a leading supplier of advanced technology solutions for the card payments industry, today announced that it is providing the technology platform for the launch of a new online banking service for Cumberland Building Society.
The internet banking solution will be offered to personal and business customers later this year and is being delivered in partnership with Sandstone Technology, a leading developer and integrator of specialised software, services and solutions for the financial services market.
Sandstone will be delivering full internet banking functionality for the new system through the implementation of its industry-leading Direct Banking platform, BankLink. An extension of Alaric's Authentic authorisation, switching and ATM management system already implemented at Cumberland Building Society will interface with both BankLink and Cumberland Building Society's host system. This will provide a 24x7 source of information for the system, including continuous real-time transaction and balance data availability, in addition to authorisation of online transaction requests. The new system is due to go live in late 2007, following pilot testing.
"Our new internet banking service will enable our current account customers to securely view and manage their accounts online 24-hours a day, seven days a week," commented John Kidd, Finance Director and Secretary, Cumberland Building Society. "The solution offered by Alaric and Sandstone delivers the flexibility, speed and world-class security to ensure a robust, reliable and convenient service for customers."
"We are delighted to be strengthening our relationship with Cumberland Building Society and extending our existing service offering for this key solution," added Steve Lomax, Director of Sales Marketing for Alaric International. "Authentic offers a proven, high performance and versatile platform to support the delivery of internet banking capabilities to banking customers. To be implementing such a key project in partnership with Sandstone is an exciting opportunity for us."
Authentic is Alaric International's highly configurable, scaleable credit, debit and charge card authorisation, payment gateway and switching solution. The Authentic system enables easy integration of existing payment systems with new delivery channels via its simple point-and-click configurable mapping technology and transparent business logic.
http://www.finextra.com
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Tuesday, January 30, 2007
Stroud and Swindon use MSP
Stroud Swindon provides real time KFIs with TietoEnator’s Mortgage Sales Portal
In a strategic move to improve the efficiency of its mortgage service to customers and intermediaries, Stroud Swindon Building Society has announced the purchase of TietoEnator’s Mortgage Sales Portal. The two phase project will enable Stroud Swindon to provide on-line Key Facts Illustrations (KFIs) in real-time and in the second phase to offer customers real time Acceptance in Principle (AIP) documentation. The first phase of the project is due for completion in early 2007.
Customers and intermediaries can apply for a Stroud Swindon mortgage via the company’s website but there’s currently no straight-through process for processing the application. Instead the applications are re-keyed into the existing TietoEnator mortgage quotation system and the KFIs and application forms are e-mailed to the customer or intermediary.
Commenting on the project, Keith Henley Senior Manager – Business Information Systems at Stroud Swindon said, “Our current response time for sending out KFIs is too slow, taking up to 24 hours. This will be done in real-time once the TietoEnator Mortgage Sales Portal is up and running. A fast, efficient web-based system will ensure that intermediaries have even more reason to use Stroud and Swindon and, importantly for the Society, a web-based offer enables us to attract many more customers from outside our traditional catchment area.”
The Mortgage Sales Portal will enable true straight-through processing of a mortgage application form, resulting in huge efficiency gains for the Society. Phase one of the project will enable customers and intermediaries to apply for a mortgage on-line and receive their KFI immediately. The application data will then transfer seamlessly into the TietoEnator back-end mortgage processing system without the need for re-keying. Phase two of the project will allow the Society to provide automated AIP’s to customers alongside the KFI document, thereby immediately reassuring the customer that they satisfy the Society’s lending criteria and further reducing the time required to process the application through to the approval stage.
“We shortlisted a number of vendors for this project” said Keith Henley, “and one of our major considerations was the need to interface the new system with our existing TietoEnator mortgage processing engine. Although all the vendors could create this interface, we considered TietoEnator to offer us the fastest and lowest risk option.”
In a strategic move to improve the efficiency of its mortgage service to customers and intermediaries, Stroud Swindon Building Society has announced the purchase of TietoEnator’s Mortgage Sales Portal. The two phase project will enable Stroud Swindon to provide on-line Key Facts Illustrations (KFIs) in real-time and in the second phase to offer customers real time Acceptance in Principle (AIP) documentation. The first phase of the project is due for completion in early 2007.
Customers and intermediaries can apply for a Stroud Swindon mortgage via the company’s website but there’s currently no straight-through process for processing the application. Instead the applications are re-keyed into the existing TietoEnator mortgage quotation system and the KFIs and application forms are e-mailed to the customer or intermediary.
Commenting on the project, Keith Henley Senior Manager – Business Information Systems at Stroud Swindon said, “Our current response time for sending out KFIs is too slow, taking up to 24 hours. This will be done in real-time once the TietoEnator Mortgage Sales Portal is up and running. A fast, efficient web-based system will ensure that intermediaries have even more reason to use Stroud and Swindon and, importantly for the Society, a web-based offer enables us to attract many more customers from outside our traditional catchment area.”
The Mortgage Sales Portal will enable true straight-through processing of a mortgage application form, resulting in huge efficiency gains for the Society. Phase one of the project will enable customers and intermediaries to apply for a mortgage on-line and receive their KFI immediately. The application data will then transfer seamlessly into the TietoEnator back-end mortgage processing system without the need for re-keying. Phase two of the project will allow the Society to provide automated AIP’s to customers alongside the KFI document, thereby immediately reassuring the customer that they satisfy the Society’s lending criteria and further reducing the time required to process the application through to the approval stage.
“We shortlisted a number of vendors for this project” said Keith Henley, “and one of our major considerations was the need to interface the new system with our existing TietoEnator mortgage processing engine. Although all the vendors could create this interface, we considered TietoEnator to offer us the fastest and lowest risk option.”
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Monday, January 29, 2007
Marlborough Stirling -> Vertex
Marlborough Stirling today announced it has re-branded as Vertex Financial Services, following its acquisition by Vertex Data Science in May 2005. Under the new brand, the company will offer the combination of technology and outsourcing capability needed to manage open and closed book administration and new business acquisitions within the life and pensions and investment markets, as well as distribution, point of sale, application processing and servicing for the mortgage sector. The company also announced the appointment of Andrew Colvin to the position of Managing Director of the Life and Pensions business unit, effective November 14th 2005. Andrew joins from EDS, where he was UK Head of Insurance.
http://www.vertex.co.uk/vertex/main/home.jsp
http://www.vertex.co.uk/vertex/main/home.jsp
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animation dashboard
MicroStrategy has plumbed visualisation and animation dashboard capabilities
into its business intelligence (BI) platform to create a clearer insight into
corporate data.
industry, allowing more people to get better insight into their corporate
performance,” said Sanju Bansal, chief operating officer of MicroStrategy.
graphs using Flash Player 9. People can rewind and fast forward or drill down
for further information.
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Friday, January 26, 2007
TietoEnator Financial Solutions UK has announced the appointment of Richard Gammon
TietoEnator Financial Solutions UK has announced the appointment of Richard Gammon to the role of Managing Director. Richard joins TietoEnator from Accenture, where he ran the UK Ireland banking division of the Financial Services Solutions Group. During more than 20 years in the financial services software industry he has held a number of senior international roles including the managing director position at Fiserv. His appointment to TietoEnator follows the retirement of Linda Fisher in December 2006.
TietoEnator is targeting the UK as a major growth area for its banking and insurance solutions and 2007 will see the announcement of a number of significant new customers and progressive new solutions.
“The UK and Ireland banking sector continues to be a competitive market and the fresh and distinctive approach that TietoEnator is bringing to this market gives the company an ability to deliver customer value in ways unachievable with the conventional offerings available elsewhere. The banks are still working on reducing the complexity of their business processes and, although modern IT platforms are necessary to achieve that, TietoEnator has experience of delivering complete solutions in markets which have already transformed to new operating models. This experience is essential to reliably delivering holistic change” explained Richard Gammon.
He continued, “TietoEnator has an excellent client base and a great reputation in the market as a trusted partner in the safe delivery of complex core solutions. This reputation is one of the drivers underpinning our growth. For example, one in five of all UK mortgages is now processed through TietoEnator systems. As banks move to take control of their cost : income ratios, the attraction of a reliable partner, able to genuinely influence the bottom line through effective contribution to business transformation is a strong one. There are plenty of software solutions in the market, but they need to be delivered with a vision of a long term strategic partnership of mutual reward and respect. TietoEnator is a prime example of how this is being done to good effect.”
Richard Gammon lives in Hampshire where he enjoys golf, horse racing and motorcycling.
http://www.finextra.com
TietoEnator is targeting the UK as a major growth area for its banking and insurance solutions and 2007 will see the announcement of a number of significant new customers and progressive new solutions.
“The UK and Ireland banking sector continues to be a competitive market and the fresh and distinctive approach that TietoEnator is bringing to this market gives the company an ability to deliver customer value in ways unachievable with the conventional offerings available elsewhere. The banks are still working on reducing the complexity of their business processes and, although modern IT platforms are necessary to achieve that, TietoEnator has experience of delivering complete solutions in markets which have already transformed to new operating models. This experience is essential to reliably delivering holistic change” explained Richard Gammon.
He continued, “TietoEnator has an excellent client base and a great reputation in the market as a trusted partner in the safe delivery of complex core solutions. This reputation is one of the drivers underpinning our growth. For example, one in five of all UK mortgages is now processed through TietoEnator systems. As banks move to take control of their cost : income ratios, the attraction of a reliable partner, able to genuinely influence the bottom line through effective contribution to business transformation is a strong one. There are plenty of software solutions in the market, but they need to be delivered with a vision of a long term strategic partnership of mutual reward and respect. TietoEnator is a prime example of how this is being done to good effect.”
Richard Gammon lives in Hampshire where he enjoys golf, horse racing and motorcycling.
http://www.finextra.com
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Thursday, January 18, 2007
Mortgage Industry News
Unisys and iE sign distribution partnership for iE's e-savings and e-mortgage software
Unisys Ltd ('Unisys') and Intelligent Environments Europe Ltd ('iE') have agreed to market and distribute iE's NetFinance web based account opening and servicing products to Unisys clients. The agreement covers software implementations for a range of financial services distribution channels, including for Internet, and intermediary.
The agreement also signals iE's investment in an e-mortgage product to add to its NetFinance software suite. This product will complement Unisys' strong existing portfolio of mortgage sales, application processing and servicing solutions.
iE's proven e-banking software will be integrated with Unisys' UFSS banking platform and made available as an outsourced solution for Unisys clients. Potentially, this could deliver significant benefits to banks, building societies and their customers. The integrated approach offers straight-through processing of application and account data for mortgages and savings.
http://www.bobsguide.com
Unisys Ltd ('Unisys') and Intelligent Environments Europe Ltd ('iE') have agreed to market and distribute iE's NetFinance web based account opening and servicing products to Unisys clients. The agreement covers software implementations for a range of financial services distribution channels, including for Internet, and intermediary.
The agreement also signals iE's investment in an e-mortgage product to add to its NetFinance software suite. This product will complement Unisys' strong existing portfolio of mortgage sales, application processing and servicing solutions.
iE's proven e-banking software will be integrated with Unisys' UFSS banking platform and made available as an outsourced solution for Unisys clients. Potentially, this could deliver significant benefits to banks, building societies and their customers. The integrated approach offers straight-through processing of application and account data for mortgages and savings.
http://www.bobsguide.com
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