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E-COMMERCE STANDARDS MORE ACCESSIBLE FOR LENDING INDUSTRY 8 August 2007 LIXI announces Microsoft as its newest member Sydney, Australia – 7 August 2007 – Australian e-commerce standards body, the Lending Industry XML Initiative (LIXI), has announced Microsoft as its newest member which will open opportunities for software developers servicing the lending industry. A technical workshop for LIXI members took place yesterday with a keynote speech from Microsoft’s worldwide expert in reference architecture, Mike Walker, who shared his expertise in the American lending industry e-commerce standards body, MISMO. For the past five years, not-for-profit group LIXI has worked to develop e-commerce standards for electronically processing and administrating home loan information using Credit Application Language. LIXI’s technical focus is to describe the loan process in terms of the data created and manipulated. A new change to the LIXI membership model means that LIXI members can now buy license portions of intellectual property, where it affects their side of the loan process. Microsoft’s membership to LIXI has only now become possible because of the recent changes to LIXI’s membership model. According to Sarah Bond, Microsoft Australia’s Platform Strategy Manager, LIXI’s new membership model provides an opportunity for Microsoft to work in partnership with the local lending industry. “LIXI has removed barriers to membership entry and increased accessibility to its standards. By removing such barriers, LIXI has opened the door for greater innovation and a more competitive market,” she said. According to Socrates Vasiliadis, CEO, LIXI, Microsoft’s membership to LIXI marks a milestone for the whole lending industry. “Hosting an event with Microsoft’s reference architecture expert Mike Walker really adds value to our members and gets them actively involved in shaping the way forward in standard architecture. It is a very exciting time for the lending industry to embrace e-commerce,” he said. According to software developer and Microsoft partner, Craig van Zeyl, CEO of Dataract, LIXI’s credit application language is impressive and is even more sophisticated than that of the US equivalent industry body MISMO. “LIXI simplifies the automation of the loan process and Microsoft simplifies the solution required to apply it. We will see rapid uptake to what will be a plug’n’play workflow solution,” he says. “Soon any small broker dealing with the mid-tier lenders will get a piece of the e-loan pie providing they are a LIXI member with appropriate licensing and Internet access,” says van Zeyl. Dataract builds Microsoft-based workflow solutions for the financial services and lending industry. Mr van Zeyl says there will be a real commoditisation in the industry as the need for major infrastructure implementation is removed. About NECS The National Electronic Conveyancing System (NECS) is Australia's joint government and industry initiative to create an efficient and convenient way of completing property based transactions and lodging land title dealings for registration. In brief, NECS will be an efficient electronic means for legal practitioners, conveyancers and financial institutions to prepare dealings and related instruments, to register changes in ownership and interests, settle financial transactions (including duties, taxes and disbursements), lodge dealings with a Land Registry and receive confirmation of lodgement and registration. About LIXI LIXI has more than 85 members, including banks, non-bank lenders, broker groups, mortgage aggregators, mortgage insurers, valuers, solicitors and settlement agents. For more information about LIXI or to arrange an interview, please contact: Monique Fenech, IMPACT Communications Australia, 02 9519 5411/ 0400 635 811
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