Equiniti Pancredit to provide broking technology, Sourcing Solution, to Ocean Finance

11 May 2016

Announcement of new contract win

Equiniti, a leading provider of specialist software products and services for financial services firms, today announces that it has entered into an agreement to provide its broking technology to Intelligent Lending, operating under the Ocean Finance brand. Ocean Finance provides a homeowner loan brokerage service to its customers, working with a panel of secured lenders.

Due to the increasing demand within the second charge loans market Ocean Finance identified that leveraging software to undertake sourcing would improve the customer journey, remove the manual processes and enable their underwriters to become more efficient to support the increase in volume.

Equiniti Pancredit’s Sourcing Solution provides simultaneous results for each lender on the broker’s panel using a single credit reference agency search to determine which products a customer will qualify for. Through the integration of data provided by credit reporting agencies such as Equifax, the software supports businesses by removing time consuming tasks, including manually referencing multiple lender criteria to match a relevant loan plan to customers’ needs. In addition, the technology provides on-going maintenance of lender plans and service levels allowing configuration of new panel lenders.

The development team at Equiniti Pancredit, part of Equiniti Group plc, worked in partnership with Ocean Finance over a number of months to tailor the functionality of the Sourcing Solution, delivering a platform that was fit for their requirements and one that Equiniti Pancredit could take out to the wider second charge loan broker market. A specific area of development identified was the ability to connect directly with the lender via XML integration, removing the need to re-key applicant details once the sourcing has been undertaken, enhancing the speed of completion and customer journey.

Graham Donald, MD of Equiniti Pancredit, said: “I am delighted to be announcing this new contract win. The technology we are providing to Ocean Finance delivers a service that would otherwise be manual and labour intensive further demonstrating Equiniti’s ability to provide technology solutions that make it easier for our clients to do business.”

Geoff Dearden, Director of Intelligent Lending commented: “Pancredit’s solution has enabled us to remove manual paper based underwriting and minimise re-keying. This frees up loan advisors to spend more time talking to customers and will enable us to source loans for customers more quickly.”

ENDS

 


For further information please contact:

William Barker / Kashara Taylor

Temple Bar Advisory 
Tel: +44 (0) 20 7002 1080 
Email: williamb@templebaradvisory.com / kasharat@templebaradvisory.com

Notes to Editors

About Equiniti:
Equiniti is a specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90bn in payments every year, handles 88 million documents and pays 20 per cent of pensioners in the UK. We are acknowledged leaders in many of our markets and keep things running smoothly for some of the UK's best-known brands and public sector organisations.

About Ocean Finance:
Established in 1991, Ocean Finance is one of the UK’s leading loan and mortgage brokers. The company works with many of the UK’s leading loan and mortgage lenders to help people find the right deal and also offers an Ocean branded credit card.

Ocean Finance is a trading style of Intelligent Lending, which is authorised and regulated by the FCA. The Think Money Group is a certified Investor in People and has been included in the Sunday Times' Best Companies to Work For list in each of the past ten years.