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LIXI RALLIES MICROSOFT IN COMMISSION PROJECT January 2008 The Lending Industry XML Initiative (LIXI) has involved Microsoft more deeply in its commission standards project in a bid to receive a better reception from lenders, the company's technical director, Barry Thomas, revealed. The ecommerce standards body is looking at developing industry-wide standards for the processing and payment of broker commissions by lenders. "The idea is exactly the same; we're just trying to come up with a cheap, simple, fast way - particularly for lenders - to implement it," Thomas explained. "Because the big problem is that until [lenders] start using the standard, brokers won't get the benefit from it." Thomas added that there is currently "a bit of a misunderstanding", with many banks believing that brokers will reap most of the benefits of the project. LIXI's CEO, Socrates Vasiliadis, said that due to the diverse base of institutions that are LIXI members, it is important to find balance. "It's like a catch 22," he said. "Sometimes when we look at trying to provide a big picture solution, we find that people see it as daunting and they don't necessarily implement it. "This particular approach with Microsoft [will] enable technology that [will] capture and utilise the existing infrastructure which people already have, and therefore provide a very ready mechanism," he said. It was reported in Australian Broker News in Jan 2008.
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