Lender joins Vow Financial, YBR panel

RedZed has partnered with Vow Financial, which will allow it to join YBR’s aggregator and panel.

Independent lender RedZed has joined Vow Financial’s panel, which will provide the aggregator’s 1,250 brokers with access to the lender’s residential and product portfolio.

The partnership with Vow Financial – which has a loan portfolio valued at over $ 52 billion – will also place RedZed on the panel of mortgage brokerage Yellow Brick Road (YBR), as the aggregator has become part of the group. YBR in 2014.

Commenting on the partnership with Vow Financial, RedZed National Sales Director Adrian Fisher said it would give the lender the ability to provide loan products to more brokers who serve independent clients.

“We have known and respected the Vow team for many years,” said Mr. Fisher.

“Having now worked closely with them to bring this partnership to life, it has only strengthened our high regard for them. We are delighted to welcome their network to the RedZed family and help them meet the needs of their valued independent clients.

YBR Group Commercial Director Sean Preece welcomed RedZed to Vow’s supplier panel, adding that: “We are delighted with this partnership and are confident that our partnership with RedZed will further help our brokers meet the needs of their customers. independent clients. “

RedZed’s partnership with Vow Financial followed the announcement earlier this year that it had joined the choice Aggregation Services Panel.

RedZed goes online with SAP Cloud for Banking

In addition to joining the Vow Financial aggregator panel, RedZed announced that it has implemented software provider SAP Cloud for Banking, claiming it is the first mortgage lender to do so.

Explaining the rationale for the implementation, the lender said it has researched a software-as-a-service platform and technology infrastructure solution that gives it the scalability and flexibility it needs to grow, including a increased integration potential for its future technological needs.

The lender, which was founded in 2006, offers a mix of residential and commercial mortgages to more than 6,000 independent borrowers and has experienced compound annual growth of 30%, he said.

According to RedZed chief executive Evan Dwyer, RedZed aims to increase its loan portfolio to $ 10 billion in the short term.

RedZed said it selected SAP Cloud for Banking after conducting a vendor assessment, which explored ease of implementation and use, an open cloud-based platform with an architecture driven by a programming interface from applications (API), evidence of continued investment in research and development and one that was designed as an Australian model bank, to meet lending regulatory requirements.

SAP Cloud for Banking includes SAP S / 4HANA Finance, SAP Banking (loans and deposits) and SAP Payments Engine, run on SAP Cloud and managed by SAP Application Services.

In partnership with a specialized team for SAP, RedZed migrated its data to SAP Cloud for Banking, hosted on Amazon Web Services (AWS), which allows real-time data access and integration with third-party APIs.

This allows staff to access customer data in real time, which the lender claims would reduce the time it takes to process and manage mortgage applications, and provide quick responses to customer inquiries.

The platform would also streamline the process of appraising, identifying and creating mortgages for brokers, the lender said.

Commenting on the integration of cloud-based software, Mr. Dwyer said, “The robust infrastructure of SAP Cloud for Banking gives us the peace of mind that we will have a strong technology platform that will support our continued growth. . Additionally, the software adheres to the stringent contractual, regulatory and cybersecurity frameworks that underpin Australia’s financial services industry.

“The new platform has enabled our people to quickly realize value by providing accurate data that improves our relationship with our customers and partners. This data also means that our management team is equipped with real-time updates on trade performance and can respond to the needs of investors and regulators when needed. “

SAP Australia and New Zealand President and CEO Damien Bueno also commented on the partnership, stating that: “The mortgage market is extremely competitive, and being able to predict and respond quickly to customer needs is essential. for today’s lenders.

Mr. Bueno added that the SAP platform would allow RedZed with digital tools to be agile and forecast customer needs while taking advantage of future opportunities.

Neobank Xinja was the first organization in the world to “go live” on the platform in 2018, according to SAP.

To listen to RedZed’s National Sales Director, Adrian Fisher, explain how brokers can take out loans for independent clients and how COVID-19 has changed the trends in SME financing in the latest In Focus episode of The Adviser, click here :

[Related: Specialist lender appoints new GM of distribution]

Lender joins Vow Financial, YBR panel

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Last updated: December 02, 2020

Posted: 02 December 2020

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Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the Mortgage Securities Editor at Momentum Media.

Prior to joining the team in 2019, Malavika held positions at Money Management and Benchmark Media. She has been writing about financial services for six years.

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