Mortgage origination vendor BEP Systems has been selected by the UK operations of State Bank of India (SBI) to provide technology for the latter’s buy-to-let lending services.
SBI operates in the UK through a series of intermediaries and a dedicated branch which has been in operation in London for 90 years. It offers services for expatriate Indians.
It will deploy BEP’s Apprivo2 origination platform, which the tech firm says will result in a front-to-back powering of the loan process through application, underwriting, and completion. It is expected to go live in Q2 2020.
Kalpesh Avasia, chief operating offer for SBI UK, says that BEP impressed with its “slick system”. The solution was “very flexible at integrating with existing back office systems” and “generating new processes to increase the efficiency of lending.”
SBI UK was originally launched in April 2018 after receiving its initial banking licence in 2017. It gained an initial capital commitment of £225 million from its parent bank.
SBI is a major user of Infosys Finacle across all of its international operations. It also handed a major contract to Financial Software and Systems for the implementation of its “One Nation, One Card” programme in India.
Chris Little, managing director of BEP Systems, says: “This is an exciting project and demonstrates the highly regarded reputation BEP Systems now have in the lending sector to deliver specialist systems for a variety of mortgage companies.”
“We will use our Apprivo2 platform as the basis of the development and customise it to suit the requirements of SBI UK. We believe Apprivo2 is one of the fastest growing systems in the UK serving specialist finance lenders and continues to provide cutting edge software solutions for a wide spectrum of clients.”