Basis100 has expanded into the retail credit market with the deployment of a solution for processing RRSP loans at National Bank of Canada.
Financial planners that deal with National Bank can now access a Web site and complete an RRSP loan application on behalf of their client and submit the request electronically. The application is automatically scored and an electronic response, along with the commitment to fund, if approved, is sent back within minutes.
The implementation entails the convergence of three core Basis100 products, including the BasisXpress, ConsumerBase and LenderBase components. The vendor will earn a transaction fee for each application transmitted through the system.
"This solution now expands our product offering to the retail credit market," states John Bordignon, VP, Canadian lending solutions at basis100. "It will assist Basis100 in expanding and diversifying our revenue stream and further exemplifies the flexibility of our products to adapt to new business models."
National Bank already uses Basis100’s HomeBase solution for mortgage loan processing.