What is Equity Release?
Equity Release allows homeowners to borrow funds from the value of their property, while still maintaining ownership of the property.
How is Criterion supporting the industry?
It is important that firms improve their efficiencies in the equity release application process to ensure robust customer experiences.
In a bid to support the industry, Criterion launched its Equity Release API Standards Governance Group in 2021, overseeing the development of Standards for this sector, as well as their ongoing enhancement through change requests. In 2022, the Equity Release Quotes and KFI Standard was published as a Draft Final (now version 1.2 provisional), supporting a wide range of medical and lifestyle data used in quotes and KFI scenarios.
What is the purpose of the Equity Release Apply Standard?
More recently, the Equity Release Apply Standard Draft A was published, building on the Equity Release Quotes and KFI Standard. In collaboration with our industry governance group this has now been moved to version 1.0, providing the implementable messaging flow and structure for the Equity Release Apply data exchanged between trading partners. It provides detailed guidelines and specifications in three key areas for exchanging equity release application data: technical connectivity, message flows and the constructs of both request and response messages sent to and received from product providers.
The process begins when a user (financial adviser or a consumer) starts an equity release application via a portal. The portal then gathers all the necessary information for the application e.g., personal details and property information. The Equity Release Apply Standard allows the data collected from the application to be packaged into a standardised format and sent from the portal to the product providers. This is also the case for the response messaging from the product provider to the portal.
The Standard is written for use by development teams building systems, which will interface with a product provider’s Equity Release Apply service, as well as those product providers who allow integration with their Equity Release Apply services. The exchange of these request and response messages are defined within an OpenAPI definition, which also forms part of this Standard.
What are the benefits of using this Standard?
Implementing the Criterion Equity Release Apply Standard allows different systems to communicate seamlessly, whilst automating the exchange of data. This will enable quicker turnaround times for applications and minimise the risk of errors in data entries. Having a single-build API across the industry ensures that wasteful redevelopment is cut out, reducing costs, and improving efficiencies.
How can I get access to the Equity Release Standards?
If you are interested in our Equity Release Standards, please register for access on our website. If you would like to know more about our Equity Release API Standards Governance Group, then please email [email protected].
