Equipment Finance Working Group
LIXI formed a working group in May 2013 to gather community requirements for standards for equipment finance transactions. An association between the equipment finance segment of the lending industry with the general LIXI standards community is a promising and timely development and offers the possibility of additional efficiencies within the equipment finance segment of lending.
Equipment Finance Standards are proposed in order to enable transactions between equipment finance brokers and lenders, for services such as quotes, requests, and application lodgement and amendments, associated with such transactions as chattel mortgages, equipment hire purchases and asset finance. The parties to this information exchange are understood to include equipment finance brokers, motor dealers, lenders, lender branches/bankers and finance providers, covering both first and third party channels.
The main requirements gathering phase of the Equipment Finance working group has now concluded; LIXI is currently in the process of updating and extending the CAL 2.0 data set and Data Dictionary in order to ensure support and compatibility for equipment finance transactions.
The Equipment Finance standard was released April 2014; visit LIXI's Release Schedule for more information regarding releases and updates to the Equipment Finance standard.
LIXI extends their sincere thanks and appreciation to all the organizations who have contributed their time and resources to outlining the requirements for the Equipment Finance standard. The Equipment Finance standard has been developed ‘For the industry, by the industry” and LIXI looks forward to the immediate release and adoption of the standard for the benefit of the industry.
If you have any questions regarding the Equipment Finance working group, pleaseemail Louise Harper.
Convenor: Stephen MacMillan