Regchain Stryd delivers a faster time to “Yes” for lenders
Regchain, a Moneycatcha brand, have announced the release of their new flagship product Stryd, a solution that revolutionises home loan product and risk based pricing offers for lenders and aggregators.
The Stryd engine is the first solution of its kind to integrate Consumer Data Right (CDR) data with highly configurable lender product, credit and pricing policies for fully automated and personalised customer home loan product and pricing offers in real-time.
Regchain Stryd is focussed on solving the inefficiencies inherent in the home loan origination ecosystem which can leave consumers waiting for up to 42 days for home loans to be processed. Stryd automates the categorisation of CDR data, enables a credit confidence score and identifies product suitability as customer data is being collected. This means lenders and aggregators can offer consumers relevant loan products with customized pricing offers and maximise lending margins without compromising compliance obligations. Furthermore, all the rules are highly configurable by each organisation, so Stryd can be used for a single product set or an entire marketplace of home loan products to dramatically reduce the home loan process, providing a significant competitive advantage.
All Regchain services use Amazon Quantum Ledger Database (Amazon QLDB), a fully managed ledger database that provides a transparent, immutable, and cryptographically verifiable transaction log. This capability provides Regchain a significant advantage for speed and accuracy with compliance reporting and data sharing with each organisations’ ecosystem.
“We are excited to offer Stryd to financial organisations who are looking to grow their loan books by using innovative technology so they can secure home loan customers faster than ever before,” says Regchain’s Founder and CEO Ruth Hatherley (pictured). “Our solution is built on a suite of easy-to-use APIs and each product in our library can be configured by each organisation so their own credit, product and pricing rules can be applied in any distribution channel in real time. Our customers can quickly integrate, test and deploy Stryd into their existing home loan origination workflow and take their customers out of the market without them having to jump through the hoops that exist in many institutions today. To further assist, we have chosen to adopt the industry accepted LIXI2 data standard to help with easy integration with other systems in their digital mortgage workflow and streamline the end-to-end origination and compliance reporting processes. We’re here to help financial institutions offering home loans achieve a Faster time to Yes!”
Shane Rigby, CEO of LIXI added, “The LIXI2 data standards have been designed to bring greater efficiency and automation to the Australian mortgage processing industry. Regchain has embraced these core principles in precisely the way intended in an innovative and elegant solution. The adoption of the LIXI2 standard in Stryd benefits all participants in the home loan processing arena from lenders, aggregators, and brokers all the way through to the end consumer. A fantastic example of how adopting LIXI2 standards can have a positive impact on all participants.”
Alongside their direct-to-market model, Stryd is also integrating into a rapidly growing partner ecosystem providing end customers multiple ways in which they can access and benefit from the solution.
“Regchain is a great example of an innovative company leveraging AWS data and cloud technologies to deliver a solution that will help make processing home loans more efficient for consumers. By using AWS, Regchain can provide faster speeds and higher accuracy for compliance reporting in real-time, while also quickly and efficiently scaling Stryd to meet customer demand locally and globally, supporting their expansion and growth plans,” said Ben Thurgood, Head of Industry Solutions Architecture APJ.
“Adatree was founded to help organisations unleash the power of Open Banking and the Consumer Data Right (CDR) by providing turnkey solutions for every available CDR access model,” says Alex Scriven, COO at Adatree. “Partnering with Regchain Stryd enhances our offering by bringing that data to life in real time – delivering relevant and immediate results to the lending market, to the benefit of both lenders and their clients.”
Steve Bolland, Banking Lead at 4impact commented, “4impacts Expert Banking team helps banks and lenders to evolve and transform, and in doing so we seek out best-in-class finance technology solutions such as Regchain and orchestrate them into business outcomes that rapidly deliver value to our banking and lending customers. We believe effective delivery is about envisioning what’s possible then harmonizing people, process and technology to address the pain felt by all banks and their customers and see Regchain as being a highly effective digital technology solution in delivering efficiency to the home loan process. 4impact provides digital and data solutions as well as both end-to-end project delivery as well as ‘fill the expertise gap’ to bolster our clients internal delivery capacity and capability, and we look forward to working together with Regchain to deliver new value and growth to all lenders, and ultimately a better customer experience.”
For more information about Regchain and Stryd please visit www.regchain.com.au or email [email protected] to learn more.
