Regchain releases flagship mortgage rules engine

According to Regchain, this product integrates consumer data right information with a configurable lender product, credit and pricing policies to provide personalised home loans and pricing offers in real time. 

The fintech has said Stryd also automates the categorisation of CDR data, enabling a credit confidence score and identifying product suitability as customer data is being collected.

Regchain added that this allows lenders and aggregators to “offer consumers relevant loan products with customised pricing offers” as well as to “maximise lending margins without compromising compliance obligations”.

Regtech has said there are intentions for Stryd to integrate into “a rapidly growing partner ecosystem providing end customers multiple ways in which they can access and benefit from the solution”.

Regchain’s founder and chief executive, Ruth Hatherley, commented that the fintech is excited to offer its products to “financial organisations who are looking to grow their loan books” through technology.

“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,” Ms Hatherley said. 

The CEO added that Regchain’s customers can “quickly integrate, test and deploy Stryd into their existing home loan origination workflow”, taking their customers out of the market without requiring them “to jump through the hoops that exist in many institutions today”. 

The fintech has also noted that Stryd uses Amazon Quantum Ledger Database, the LIXI2 data standard as well as AWS data and cloud technologies. 

Speaking of the partnership, LIXI CEO Shane Rigby said that the adoption of the LIXI2 standard will benefit “all 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”.

Further, regtech has confirmed that it has partnered with both 4impact and Adatree for the launch of Stryd. 

Earlier this year, Adatree was named as the first principal under the new consumer data right (CDR) access model, a move that allowed it to help other companies access open banking data.

Adatree chief operating officer Alex Scriven added that this partnership “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”. 

The launch marked the latest development of technology in the lending space, and the increasing value of speed and automation. 

Earlier this week, Westpac confirmed it would be rolling out its digital mortgage to brokers in 2023.  

Last month, both Beyond Bank and Bendigo and Adelaide Bank confirmed they had previously established professional relationships with fintechs as a means to automate and streamline their loan processing.  

This urgency towards digitalisation and speed has previously been marked by industry figures as the next frontier for lending. 

Speaking at a press conference last month, Nano Digital Home Loans co-founder and CEO, Andrew Walker, said speed is the new battleground for lenders. 

“Customers want more. They can do everything online and COVID-19 has exacerbated that digital trend,” Mr Walker said. 

“And it’s quite clear now that speed is the battleground.” 

[Related: Adatree launches open data marketplace]