Unisys has won a mortgage processing contract with RAMS Home Loans worth $146 million over seven years.
Under the outsourcing agreement, Unisys will supply mortgage processing services, from the mortgage application stage through to settlement, using its banking software engine.
Unisys's processing system replaces RAMS in-house legacy back-office system, which involved the processing of applications in hard-copy form.
Greg Howell, Unisys's general manager of financial services, said that the service will significantly reduce product development cycles and speed up loan approvals.
"All applications are inputted onscreen from the outset and all cheques and balances are available to the customer almost instantaneously. This translates to cost efficiencies, a significant reduction in loan processing times and better customer service."
According to Howell, Unisys was awarded the contract because of its extensive global experience in providing back-office mission-critical operations to financial institutions.
"We currently provide payment processing services, like cheque and lock-box processing, to 10 financial institutions in Australia. I think it was our knowledge and proven capability in mortgage processing that won us the contract," Howell said.