Benefits of standards

By using LIXI standards in your business, you are ensuring that you can communicate electronically with other industry members who use those standards – for example lenders, valuers and mortgage insurers. This gives you operational efficiencies and a level of confidence when investing in current and future technology.

Individual LIXI members benefits from standards by:

building or maintaining systems which need to comply with just one agreed industry standard (rather than needing to meet the potentially differing needs of multiple parties within the lending process) being confident that any systems they develop in line with those standards meet current and future industry requirements sharing information quickly and accurately with other parties in the industry taking advantage of the efficiencies associated with electronic (straight through) processing having a greater choice of system vendors - standards developed by industry memebers are specific to just one vendor.

Standards are developed in a transparent process, requiring collaboration from many industry representatives. This ensures that the standard represents industry requirements (rather than the interests of just one or two organisations). The transparent process increases member confidence in the standards which are developed and leads to higher quality standards.