FintechStartup Leverages API-led Connectivity to Revolutionise the Customer Loan Application Process
MuleSoft (NYSE: MULE), the leading platform for building application networks, today announced that financial services startupTic:Toc has selected MuleSoft’sAnypoint Platform™ to power it’s real-time home loan approval system.
Since conception in 2015, Tic:Toc has been working to create a fully automated online home loan application system. In July of this year, the Adelaide-based fintech launched Tic:Toc and unveiled their new platform which they believe offers loan approval in just 22 minutes, compared with the industry average, which they claim takes 22 days. The service digitally evaluates a borrower’s suitability in real-time by calculating variables, such as property valuation, borrowing ability, credit checks and the validation of financial records. MuleSoft was a critical enabler because it allowed Tic:Toc to bring together all the variables, which are managed by multiple disparate systems.
Tic:Toc Beats Competitors to Market with Anypoint Platform
“Using MuleSoft’sAnypoint Platform, we have created a unique service that drastically reduces the time needed to apply and be approved for a home loan,” said Anthony Baum, CEO Tic:Toc. “By taking an API-led approach to connecting the systems required to evaluate loan applicants, we’ve eliminated the manual submission process and radically changed the game in the financial services space.”
Tic:Toc selected MuleSoft to ensure it could enter the market as quickly as possible ahead of any potential competitors. Baum said, “Anypoint Platform enables Tic:Toc to connect the various systems in the company’s proprietary loan approval process through an application network, using APIs to enable Tic:Toc to quickly and securely share data, regardless of format or source. Building an application network with MuleSoft has assisted us to slash home loan processing times from hours to minutes,” said Baum.
After a rigorous evaluation process led by WhiteSky Labs, Tic:Toc selected Anypoint Platform which offered a complete set of out-of-the-box assets that would help the company create a new, lightweight platform as quickly as possible.
Application Network Built on Anypoint Platform Positions Tic:Toc for Future Success
“We were able to get up and running on Anypoint Platform quickly, thanks to MuleSoft’s partner, WhiteSky Labs, and the built-in connectors and policies offered by the platform,” said Baum. “Because we were creating the new platform from scratch, the process involved integrating a large number of different components. These included connections with external systems that provide information such as property valuations, customer borrowing ability and credit checks. The power of Anypoint Platform meant we were able to achieve this well within our planned project timelines.”
Steve Wilson, CEO, WhiteSky Labs,said the company’s industry experience, together with its deep understanding of Tic:Toc’s requirements, ensured the project ran smoothly from initial design to deployment.
“WhiteSky Labs provided consulting guidance and advice through the architecture, design and build phases of the project,” said Wilson.
“We are continuing to work with MuleSoft and WhiteSky Labs to add more features and functionality to the Tic:Toc platform,” said Baum. “Having taken an API-led connectivity approach means we are well positioned to enhance our offering in the future. We remain committed to our vision of providing customers with a better home loan experience, that’s cheaper, faster and more convenient. So they can spend less time worrying about their home finance, and more time enjoying their home.