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Britannia Building Society Subsidiary Develops Online Mortgage Application System

Software AG, Europe’s largest system software company, today announced that Verso, a wholly owned subsidiary of Britannia Building Society, has chosen Software AG’s Tamino XML Server to power the project to develop its online mortgage application system for intermediaries such as mortgage brokers and Independent Financial Advisors (IFAs). The Verso system will automate the process of applying for a mortgage, speeding up the process and providing an instant decision on the application.

Yvonne Skillings, Verso Extranet Project Manager, explains, "We chose to work alongside Software AG to create and build the extranet mortgage application system because of its leading position and expertise in XML technology. The extranet is the first big step in Verso's e-commerce strategy and we are building this around XML technology. We view XML as the way forward."

The Verso Extranet Project will allow an intermediary to sit face-to-face with a potential customer and complete a mortgage request form online. This form will then be sent as an XML message from the front-end of the system to the back-end, powered by Tamino XML Server. The Verso system will credit check the potential customer and give a provisional mortgage decision within 60 seconds. The intermediary will then be able to complete and submit the mortgage application form online.

Skillings continues "Software AG's Tamino XML Server is more than just a database. It not only stores the information needed by the Verso system, it routes messages, searches for information and produces reports. Tamino's capabilities and the collaborative approach with Software AG make the Verso Extranet Project possible."

Mark Edwards, UK Managing Director at Software AG, comments, “Verso’s decision to choose Software AG demonstrates yet again our experience and expertise in back-end to front-end integration and the flexibility of XML technology. It is the key to successful e-Commerce”.

Verso is a limited company and a wholly owned subsidiary of Britannia Building Society. The intermediary extranet is the first stage of Verso’s e-Commerce strategy. The extranet is due to go live in the Autumn of 2002 and will initially be open only to the intermediaries of one specially selected group. Ultimately the Verso extranet will be opened up to the wider intermediary market.

About Software AG

Software AG, Darmstadt, Germany, is Europe's largest provider of system software and services and a major global player offering cross-enterprise solutions for data integration and management and electronic business. Software AG focuses its R&D activities on products and solutions that support the XML (Extensible Markup Language) standard. With its Tamino XML Server, Software AG is the world leader in XML databases and servers. In 2001 the corporation achieved 589 million euros in total revenue. Software AG has offices in over 70 countries and currently employs a staff of 3,200. Software AG's distribution and technology partners include market leaders such as IBM, Microsoft and Hewlett-Packard as well as innovative IT solutions vendors like Tridion, Stellent and Ixos. Software AG's products control the central IT processes of thousands of renowned companies worldwide to include Lufthansa, Siemens, Citibank, Merck, DaimlerChrysler, Sony, BP and Telefonica. Software AG is list!
ed on the Frankfurt Stock Exchange (MDAX, security id number 724264/SOWGn.F). Software AG’s UK offices are located in Bracknell and Derby.

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About Verso

Verso, established in 1998, is a specialist Lender in prime niches. It is dedicated to satisfying the needs of professional Financial Advisors by providing mortgages that have been designed for borrowers who may find difficulty getting a mortgage from a high street Lender. These borrowers may experience difficulty not because they have a poor credit record but because of their specialist mortgage requirements. Verso mortgages include Self Certification, Flexible, Buy to Let, Rent & Buy and Self Build. Verso is a subsidiary of Britannia Building Society. Britannia is the second largest mutual Building Society in the UK with 2.1million members and group assets of £17.4 billion. The Society has a branch network of 189 and employs c3,300 staff.

For more information on Software AG, please contact:

Richard Bennett /Tamsin Keynton
MCC International
Tel: 01962 888100
Fax: 01962 888125

This press release was distributed by ResponseSource Press Release Wire on behalf of MCC International Ltd in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit