Dublin, 28 November 2000 - Eontec, the global provider of multi-channel banking software, today announced it has been chosen by Yorkshire Building Society (YBS) to supply an on-line mortgage and application processing system. The on-line service will increase the building society’s customer service offering for its 2 million customers. Eontec will implement BankFrame e-Mortgage, its on-line mortgage origination application and processing system as part of the agreement.
Based upon scalable, Enterprise JavaBeans (EJB) banking processes, BankFrame e-Mortgage will enable YBS to provide approval in principle within seconds. Capable of handling the full lifecycle of a mortgage product, BankFrame e-Mortgage will automate YBS’ mortgage applications on the web, including remote initial application by the customer and joint application.
David Anderson, CEO, YBS explains: "Our business strategy is focused on integrating all points of customer contact within the company. We want all channels to be readily available to our customers and backed-up with a high quality of service."
Eontec met YBS’ criteria for the on-line services project and was chosen as a result of its track-record in providing mortgages, secured and unsecured loans and retail banking processes across multiple channels.
Developed in conjunction with Hewlett-Packard and BEA, YBS’ on-line mortgage application processing system is due for an initial launch early 2001. The on-line service will provide customers with an end-to-end process for obtaining a mortgage - from initial enquiry, quotation and application through to approval in principle - via the internet.
Jim Callan, CEO, Eontec says: "In order to compete effectively, financial services must be able to rapidly implement new business processes which enable them to deliver products to customers via a variety of channels such as wireless, interactive TV and ATMs. Eontec’s reusable banking processes will allow YBS to pick and choose the processes which will rapidly provide a quality solution and pave the way for long term success."
BankFrame e-Mortgage is based on multi-channel architecture that will support a consolidated view of any customer across all relevant channels and will facilitate the faster deployment of new products and channels. E-Mortgage’s flexible architecture will allow YBS to "scale up" to implement new services when required in the future.
As customer demands dictate flexibility in banking, financial institutions are being forced to think outside of their traditional practices. Financial products, such as mortgages and savings accounts lend themselves well to an on-line approach. Implementing such services as those offered by Eontec allows financial institutions to expand outside of their previously restricted geographical areas.
Eontec is the global leader in the provision of multi-channel banking solutions. Eontec’s flagship product, BankFrame is delivered through ‘JavaBanking.com’ the world’s first web portal for banking developers, and via a worldwide network of system integration partners. BankFrame’s multi-channel, scalable EJB component-based solutions and tools enable banks to quickly assemble distributed banking solutions, helping them roll out new products and delivery channels.
Eontec was founded in 1994 and has its headquarters in Dublin. The company has over 200 employees worldwide with offices in Ireland, US, India and UK. Current partnership agreements include: IBM, Sun Microsystems, BEA, and Perot Systems. http://www.eontec.com
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