AMP Bank announces it is a step closer to launching its new origination solution, with first applications successfully submitted and approved.

The new end-to-end loan application solution has been developed in partnership with Simpology and MSA National, together with other leading providers including Fortiro, Equifax, Illion, CoreLogic and ID Verse.

The solution is designed to fast-track time to loan approval, featuring upfront income verification, streamlined digital ID processing and fraud detection.

These initial applications are part of a pilot phase within AMP Bank, with a broker pilot scheduled for Q2 2025, before full rollout during the year.

Michael Christofides, AMP Bank’s Director of Lending & Everyday Banking said,

“This new solution will be a game changer for brokers and their clients, reflecting AMP Bank’s focus on partnering with the industry’s leading tech specialists to provide the best possible borrowing experience.

“It also reflects our commitment to brokers, who we believe are vitally important to helping Australian consumers access the best possible loans.” 

Melissa Christy, AMP Bank’s Head of Lending Origination, added that the Bank’s consultation process with brokers to understand their business needs has been central to the new solution’s development.  

“We believe it was important to involve brokers in the process given our commitment to develop a market-leading loan application experience which best supports their businesses and clients.

“Brokers have told us that the ability to securely verify their client’s income pre-loan submission, together with other features such as simplified ID verification, create significant efficiencies for their businesses and support a better client experience. Our new solution includes all of these features, and more.” 

Features of the new solution include:

Upfront Income Verification

The new loan application system utilises data-driven income verification, allowing for the pre-validation of borrowers' income at the application stage. This will reduce the need for manual document reviews and significantly shorten approval times. In cases where the verified data does not suffice, brokers’ declared income will be taken into account.

Verified income will be collected through the following services:

• Fortiro’s technology automatically extracts and verifies income from payslips uploaded by brokers, and automatically populates verified income data into the loan application pre-submission. Fortiro’s payslip fraud detection capability adds an extra layer of security.
• Equifax Verification Exchange allows for seamless extraction and verification of employment and income data from payroll providers, ensuring applications are pre-verified.
• Brokers also have the option to share Illion Bank Statements data collected through their upfront internal processes with AMP Bank.  This means AMP Bank is using the same data and avoids duplication.
• To further streamline the process, rental income is being verified via CoreLogic’s Rental Automated Valuation Model (AVM), removing the need for rental agreements.

Digital ID Verification

Brokers will also have the ability to re-use Verification of Identity (VOI) data they’ve collected upfront with their clients.  This feature will be unique to AMP Bank and gives brokers the flexibility to either initiate the client VOI process in Loanapp (Simpology’s broker lodgement platform) or assign a previously completed IDVerse VOI report to AMP Bank. This will allow brokers and their clients to avoid repeating the ID verification process during application submission, saving time and effort.

^{The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517}