Cloud-based mortgage and savings software provider, finova, has announced that its Apprivo core banking originations platform has been chosen by Aviva to power its equity release business.

The initial borrowing phase of the project is now live, and the rest of the programme will roll out later in the year.

Apprivo will help Aviva connect to a significant number of integration points across various third parties, and soon, the platform will facilitate contract variations for new and existing customers, enabling Aviva to seamlessly migrate to Apprivo from its previous systems.

The platform is fully customisable allowing Aviva to add different modules, and it also gives the lender access to a range of additional services which can be integrated via finova’s API ecosystem, including conveyancing, valuations, and payment processing.

Chief revenue officer at finova, Chris Little, said: “We are delighted to have assisted Aviva with the launch of this new ground-breaking equity release program. The first phase of the partnership has just gone live and will set a new benchmark in later-life lending, and we’re proud to see our technology help Aviva support this hugely important segment of the market.

“Once again, our Apprivo platform has also demonstrated its adaptability and flexibility. The powerful pricing engine will be a gamechanger for Aviva and represents our commitment to staying ahead of the curve so that lenders are well-equipped to deliver a streamlined, efficient service.”

Equity release director at Aviva, Matthew McGill, added: “Aviva has this year been in the equity release market for 25 years and what better way to celebrate this and illustrate our ongoing commitment to the market than through this investment and launch to the market.

“We’ve been delighted with finova’s comprehensive understanding of the market we operate in and collaboration to build a market leading platform fully integrated into Aviva and our wider technology partners.

“We’re looking forward to continuing this partnership as we adapt the platform over time and move closer to rolling out the end-to-end programme.”

Share Story: