New lending technology on market
(14 March 2007 – Australia) Australian company Sandstone Technology, which develops lending systems, is targeting financial institutions with its new LendFast Enterprise Lending technology.
Sandstone Technology chief executive Bob Hall said the product provided a full function, highly scalable loan origination processing solution for banks and other lending institutions which processed more than 1000 loan applications per day.
"Until now, major lenders have had to develop their own in-house systems to process high volumes of mortgages, personal loans and credit card applications," he said.
"Building a system capable of managing the complexities of the lending process, together with the interfaces needed to integrate with existing back-end banking systems, credit agencies and distribution agencies, required a great deal of effort,’ Hall said.
"Until now, major lenders have had to develop their own in-house systems to process high volumes of mortgages, personal loans and credit card applications," he said.
"Building a system capable of managing the complexities of the lending process, together with the interfaces needed to integrate with existing back-end banking systems, credit agencies and distribution agencies, required a great deal of effort,’ Hall said.
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