MFAA supports LIXI Winner of the Best Business Enabler 2005 Category

About LIXI™

What is LIXI

The Lending Industry XML Initiative (LIXI) is a non-profit, independent industry organisation established to develop e-Commerce standards and remove barriers to electronic data exchange within the Australian lending industry.

As LIXI's name suggests, these standards are being built upon XML (eXtensible Markup Language), an enabling technology generally accepted as a vital component in the future of electronic commerce.

How LIXI works

LIXI is refining and extending it's e-Commerce standards to allow banks, brokers, borrowers and all other parties in the lending chain to communicate electronically.

Led by a board of volunteer members, LIXI has a number of working groups that assess the needs of the industry and work to improve CAL. New standards are released regularly for use by LIXI members.

Working groups

Vocabulary WG - are responsible for managing the LIXI vocabulary, which acts as the superset of all LIXI ontologies. This group works with all other working group to ensure that consistency of syntax and content is maintained across all ontologies.

Backchannel WG - has handed over its work on the request and response for the Application ontology and has now effectively been disbanded. All request and response structures will follow the LIXI Vocabulary, which incorporates the fine framework that the Backchannel group developed.

Commissions WG - has defined lender to broker transactions relating to commission payments (up-front, trail, bonus and adjustments).

Implementation WG - are dealing with practical questions relating to the implementation of CAL-based systems. Outputs from this group are recommendations only and are documented in the LIXI Implementation Guidebook available on the LIXI website.

Mortgage Insurance WG - as the Mortgage Insurance structure was removed from version 1.3 of the Application ontology, this group has formed and is currently gathering requirements for a new MI ontology.

Product WG - focused on ontologies for describing products.

Settlements WG - this group has added support for the settlement of a mortgage, including the settlement instruction transaction sent from lender to settlement agent.