Sandstone co-develops new LIXI 2 CDA standard
The new LIXI standard facilitates real-time loan eligibility for applicants
March 15, 2017 | News
Anyone applying for a loan online can now get real-time feedback on their eligibility during the application process thanks to the recently launched LIXI 2 CDA (Credit Decision Australia) standard.
Sandstone Technology, a founding LIXI member, contributed to the development of the new LIXI 2 CDA standard. Sandstone utilises LIXI 1.x and LIXI 2 as the standard for integrating with all of a financial institution’s origination/ on-boarding systems and internal systems along with any third party systems that utilise LIXI standards in their interfaces.
Sandstone’s credit decision engine will be in a position to utilise the LIXI 2 CDA standard to interface with third party systems that are also LIXI 2 CDA compliant once the standard reaches the official release stage.
Linda Stanojevic, Sandstone’s Chief Product Officer and CMO
“The new LIXI 2 integration standard takes system connectivity one step further,” she says.
“LIXI is no longer just a language for developers. The real-time data exchange facilitated by LIXI 2 is sure to make lending industry participants sit up and take notice.”
Shane Rigby, LIXI’s CTO acknowledges the important contributions of Sandstone Technology and other industry participants in developing and refining LIXI’s standards.
“LIXI extends their sincere thanks and appreciation to Sandstone Technology, Decision Intellect and Bendigo and Adelaide Bank who have contributed their time and resources in order to define the requirements for this standard and in proposing and adding
Jeff Saul, Sandstone’s Solution Architect, says “that for providers of financial platforms such as Sandstone, integration is a key component of any solution that we deliver.”
“Having standards like LIXI 2 CDA in place means that we can reduce time, risk and cost by moving closer to a model where integration is more of a plug-and-play exercise than a lengthy and painful project in its own right,” he says.
“In a future where this standard exists, lenders could have the luxury of implementing Sandstone’s credit origination systems and selecting from a menu of commercially available LIXI 2 CDA-standard-compliant decision engines and incur only minimal integration effort and cost in doing so.”
The various LIXI 2 standards are currently being used to pass applications from brokers systems into a lender’s origination platform and to transmit documentation and settlement details relating to the settlement process.