LIXI Brings Microsoft on Board
LIXI Brings Microsoft on Board
August 9th, 2007: The Lending Industry XML Initiative (LIXI) has announced Microsoft (MS) has become its newest member.
LIXI is a not-for-profit organisation focused on developing open IT standards for Australia’s mortgage lending industry. The new addition will open up potential boosts for software developers servicing the industry with increased standardisation. “It is a very exciting time for the lending industry to embrace e-commerce," Socrates Vasiliadis, CEO of LIXI said.
LIXI was brought about when an increasingly frustrated reliance on facsimile and non-internet based communication between mortgage lenders saw the need for standardisation rise. The industry has benefited greatly from the implementation and LIXI has been working on e-commerce standards for the past five years.
The standards are being built upon the XML (eXtensible Markup Language) whose primary purpose is to facilitate the sharing of data across different information systems. LIXI group membership is considered to be the optimal way to keep in touch with technological evolution in the lending industry.
The deal is of particular interest to Microsoft partner and software developer Dataract, who produce workflow solutions for the financial services and lending industry. "LIXI simplifies the automation of the loan process” said Craig van Zeyl, CEO of Dataract.
Providing they have internet access. "any small broker dealing with the mid-tier lenders will get a piece of the e-loan pie providing they are a LIXI member" says van Zeyl.