Benefits of Standards

By using LIXI standards, your business is ensuring effective, electronic communicate with other industry members who also use those standards. This may include lenders, valuers, mortgage insurers, solicitors, mutuals and lands titles offices.

Individual LIXI members benefit 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 members 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 minority input. This transparent process increases member confidence in the standards which are developed and leads to higher quality standards.

Next Steps

LIXI Licensing offers many benefits; to apply for a LIXI licence, application forms are located here.