LIXI 2.0 is the next generation of lending industry standards, designed using the experience gained over ten years of operation of the original standards suite. This enhanced standards package will have a wider applicability across the lending chain, and will be more comprehensive in regards to core content.
LIXI 2.0 has the following key components:
1. A comprehensive collection of data definitions - initially distributed as an excel file (The LIXI Data Dictionary), and from the 25th of February 2016 as annotations within the schema file.
2. A new standards package schema - comprising all component data segments utilised in loan process, along with work instructions for the message recipient.
3. A new electronic guidebook schema - allowing automation of data fields, business rules and print document templates under the control of the intended message recipient.
3. New licensing and pricing agreements - created in consultation with the industry, these changes preserve the value of the standards while ensuring pricing is fair and equitable.
4. Change management - for use with the data dictionary, this new process will ensure changes are completed in a timely manner with associated SLAs.
The benefits of LIXI 2.0 to the industry include:
- greater data consistency & quality;
- lower cost of implementation;
- lower cost of managing change, and;
- the opportunity for lenders to directly control business rule changes.
LIXI 2.0's extensive Data Dictionary, which unambiguously defines every item of information that is exchanged within the LIXI 2.0 message standard, was collected and verified over a period of three years through extensive one-on-one industry consultation and gap analysis with key users. Containing over 2000 definitions and thousands of enumerations supported by over 2000 definitions within the LIXI Glossary, the Data Dictionary currently extends beyond mortgage origination to other lending functions such as equipment finance and deposit accounts.
Within LIXI 2.0, a new ‘Electronic Guidebook’ standard will allow parties to quickly and easily express the business rules which govern lending decisions, based on brand or ownership. Template guidebooks will be provided by LIXI and LIXI is currently seeking assistance from a lender and aggregator with the resources and appetite to assist with the creation of these documents.
Suggested and required changes will be supported with a responsive change management process. LIXI is committed to ensuring that changes, additions, extensions and deletions to the Data Dictionary will be completed in realistic timeframes. A conformance testing regime is under development to support this and, once completed, will be mandatory.
Licensing and Pricing
Licensing will be required for all parties involved in the exchange of LIXI 2.0 data message, forms are available for download from the panel on the right-hand side of this page. The licence agreement introduces some significant new concepts, and LIXI encourages licensees to read the overview document "Intro to EULA 2013-10" and we welcome feedback.
Extensive industry feedback indicates that simple, fair and equitable pricing is the most widely supported pricing structure.
In some instances the fee will be zero, particularly for developers and intermediaries message routing. Continued interoperability will be ensured by obliging licensee to submit changes and extensions to the Data Dictionary via the new change management process prior to implementation.
Responsiveness to requests for change is critically important and LIXI 2.0 has a Change Management protocol in place to address all change requests, additions and even deletions. All CAL 2 change requests are managed by LIXI and all changes must be lodged via the LIXI website here.
Updates to the CAL 2 Standards, as a result of change requests, will be released monthly when required.
Anyone submitting information through this change request process agrees to all the terms of the LIXI IP Policy, which can be read here; all content contained within the form is Contributed Material.
The Change Request protocol is here for reference.
Download the Standard
LIXI 2 Standards Release Packages are available for download from the Standards page by logged in LIXI users.