Atom will be the first client to use Iress’s mortgage system for lenders which has been adapted to meet the needs of challenger banks and regional building societies, alongside traditional high street lenders.
The system, MSO, will give intermediaries a reduced time-to-offer by allowing them to scan and attach documents at the point of sale and an automated offer production function.
Iress will implement its product as a managed service which will mean the bank is not restricted by ongoing maintenance and support and allow Atom to avoid the expense of investment infrastructure.
Andrew Simon, UK executive general manager (product), Iress, said it had invested in the technology to ensure it could be used on a range of devices and to ensure it met the demands of the evolving UK mortgage market.
“Encompassing a responsive web design that enables on-demand, multi-device access, we believe this next generation MSO is a compelling product offering for the digital banks and lenders of tomorrow,” he said.
Atom mortgage lead Maria Harris said: “Iress was a natural fit to support our proposition and they have been great partners to work with. MSO will underpin our business vision and allow us to deliver this within our desired timescales and budgets. Atom has been licenced because it will meet the needs of today’s consumer and IRESS’ MSO provides the technology to make this a reality.”
A spokeswoman from Atom Bank said it was not yet in a position to discuss its wider mortgage proposition or confirm a launch date.