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.
“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.”
[Related: Westpac Group’s R&O requirements now live]