The API will enable third parties to connect into Nationwide’s credit risk and other back-office systems.
Nationwide said it was working with “all the main sourcing systems, customer relationship management (CRM) providers and mortgage brokers,” on the pilot.
It added that it would be “happy to work with anyone else who wants to speak to the team about using API technology.”
The main aim is to cut down on rekeying data. Brokers currently rekey data across multiple systems when collecting client information, sourcing products and submitting mortgage applications.
The pilot’s goal is to let brokers input data one time and then share it between systems.
“The APIs will mean that brokers don’t have to keep inputting the data and can get a decision in principle more quickly than they do now. If they are given a ‘yes,’ they can input the rest of the detail and submit the case,” Nationwide said.
The initiative has been launched as a sandbox pilot. This means connections with third-party systems will be monitored in a test environment initially.
Once testing is completed satisfactorily, third parties can then connect to the bank’s live systems.
“The launch of our API sandbox is a significant moment for Nationwide and the sector. We’re excited to innovate and learn in partnership with a number of third parties in a test, before rolling out the technology to the whole market,” said Ian Andrew, director of intermediary relationships at Nationwide.
“Technology advances have increased people’s expectations of a business and it’s important we’re able to serve brokers on their terms. Brokers generate a significant proportion of our mortgage lending and it’s important we invest in our services,” Andrew said.