Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Temenos clarifies ‘non-R&O compliant’ statement

digital digital
Reporter 4 minute read

Banking software provider Temenos has released a statement clarifying that its eLodge+ platform is “100 per cent compliant with Australian regulations”, after Westpac issued a statement to brokers stating that the software was “not R&O compliant”.

The Westpac Group recently announced that it would require brokers to submit additional Requirements & Objectives (R&O) questions and declarations for certain loan types and features as of 14th November.

In a broker note, the banking group stated that brokers submitting loans through Westpac or its subsidiaries via their broker portals (and through aggregator software, once updated) would be required to provide additional R&O questions and declarations to outline why the applicant had selected that loan feature, and detail the plan for paying off the loan and the plan for paying off a loan “when an event occurs”.

The note continued: “From Tuesday, 14 November 2017, we will be unable to accept new applications from the Temenos platform as they will not be R&O compliant.

Advertisement
Advertisement

“Instead, you will be required to log onto the [relevant broker portal] directly to submit an application.”

Temenos, which owns the eLogde+ platform, has since clarified that while it does not meet Westpac’s new rules, it is still compliant with Australian regulations.

In a statement, the banking software provider said: “Temenos has informed its eLodge+ brokers that as of [Tuesday, 14th November], application submissions from eLodge+ to the Westpac Banking Group (Westpac, St. George, Bank of Melbourne and BankSA) will no longer be accepted. 

“All other applications from Australia’s top lending institutions using the eLodge+ platform will continue to be accepted and remain 100 per cent compliant with Australian regulations.”

It continued: “The change follows Westpac Group’s implementation of changes to their own lodgment procedures to incorporate additional information regarding a customer’s Requirements & Objectives (R&O) within their application process.”

PROMOTED CONTENT


[Related: ]

 

Temenos clarifies ‘non-R&O compliant’ statement
digital
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

digital

 

more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...