CBA adopts LIXI2 data standards

The Commonwealth Bank of Australia (CBA) has committed to adopting the growing suite of LIXI2 data standards.

Lixi Limited (LIXI) was established in 2000 for the facilitation of business-to-business exchange of information across the lending industry in Australia and New Zealand, developing and promoting efficiency improvements and data message transaction standards for the Australian lending industry.

It seeks to bring about simpler ecosystems of data and API integrations, lowering the cost of change, increasing the speed to market, and encouraging innovation.

The latest suite of standards, LIXI2, offers JSON and XML options, along with a range of tools to enable software to automate substantial components in a modern software development life cycle.

Speaking of the adoption, the executive general manager of home buying at CBA, Michael Baumann, said: “We will be adopting the Banking Industry Architecture Network (BIAN) standards to align our service domains and the LIXI2 standards for our APIs and data schemas.

“Updating our approach to these standards will help us meet our current and future needs and deliver sustainable value.”

Shane Rigby, chief executive of LIXI, explained that having Australia’s biggest bank commit to adopting the LIXI2 standards was a positive move for the banks, for all users of LIXI2, for the industry as a whole, and in the long run for consumers.

He said: “One reason home lending systems are complex is that they have evolved over decades without adherence to an industry-wide data standard.

“The LIXI2 data standards allow participants to simplify processes and increase their capacity to adapt to market changes, improving approval times and lowering cost.

“LIXI2 data standards are an incredibly valuable resource, covering an extensive range of products and providing depth throughout the entire life cycle of a credit product.

“With over two decades of development and thousands of contributors, no alternatives offer such comprehensive coverage.”

He thanked CBA for contributing requirements that have now been incorporated into the standards “for the benefit of the whole industry”.

Related: LIXI recruits 2 new board members]