The Commonwealth Bank of Australia (CBA) says it has committed to adopting the growing suite of LIXI2 data standards within its data integrations and APIs to support in simplifying its home lending experience.
Shane Rigby, CEO of Lixi Limited (LIXI), explained: “One reason home lending systems are complex is that they have evolved over decades without adherence to an industry-wide data standard. The LIXI2 data standards allow participants to simplify processes and increase their capacity to adapt to market changes, improving approval times and lowering cost.”
“LIXI2 data standards are an incredibly valuable resource, covering an extensive range of products and providing depth throughout the entire lifecycle of a credit product. With over two decades of development and thousands of contributors, no alternatives offer such comprehensive coverage. I want to thank all those at CBA who have contributed requirements that have now been incorporated into the Standards for the benefit of the whole industry,” Rigby added.
Executive General Manager of Home Buying at CBA Michael Baumann said: “We will be adopting the Banking Industry Architecture Network (BIAN) standards to align our service domains and the LIXI2 standards for our APIs and data schemas. Updating our approach to these standards will help us meet our current and future needs and deliver sustainable value.”