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Continuing the bank’s digital transformation, AMP Bank has partnered with MSA National to “transform” its settlement process.
AMP Bank has announced that it has partnered with legal services provider MSA National to “transform” the bank’s settlement process with its mortgage documentation tools and settlement services.
Under the new partnership, loan documents will reportedly be issued in 90 seconds, with all loan agreements sent via DocuSign.
The partnership between MSA and AMP Bank also allows brokers and customers to have access to MSA’s loan tracking platforms LoanTrak (for brokers) and OnTrak (for customers).
As well as having better visibility of the loan process, the partnership will also enable real-time payments and BPAY for disbursements, which will allow liabilities to be paid out directly by MSA National.
The announcement follows on from AMP Bank’s partnership with mortgage origination software provider Simpology, which is providing a new home loan application ecosystem for brokers.
According to the two companies, MSA National’s technology will fully integrate with the Simpology platform to create a “leading settlement experience for brokers and their customers”.
The new integration solution is expected to be piloted in the final quarter of the year, with the full launch expected in the second quarter of 2025.
Announcing the change, AMP Bank group executive Sean O’Malley said: “Our new partnership with MSA National and its integration with Simpology’s technology will transform our loan origination process and equip brokers with a market-leading home loan experience, providing faster time to receive loan documents, superior visibility through the application process, and greater certainty from submission to settlement.
“Brokers are essential to the home loan ecosystem and in achieving great loan outcomes for customers, and we’re committed to partnering with leading technology providers to offer them a seamless experience.”
The head of lending origination at AMP Bank, Melissa Christy, said: “We’ve actively sought feedback from the broker community in selecting to partner with both MSA National and Simpology, and we’re excited to also transform the settlement experience for them.”
According to Sam Makhoul, managing director at MSA National, the tech platform offers “an unprecedented level of transparency and collaboration in real time”.
Makhoul revealed that the partnership aims to provide a “highly automated process” for AMP Bank’s customers and brokers through its products and models.
Makhoul said: “From our first meeting with the AMP and Simpology teams, it was clear that we share a common vision and transformation roadmap.
“Together, we aim to provide a highly automated process by leveraging MSA’s digital products and MSA’s file ownership model which gives customers and brokers a single point of contact. This blend of technology and personal touch aims to deliver unprecedented turnaround times with care,” he said.
The move to overhaul the bank’s loan technology comes as AMP Bank also recently restructured its home lending team. Last month, it was announced that Paul Herbert, the bank’s former head of intermediary distribution and finance, will lead AMP’s lending and everyday banking distribution.
Herbert said at the time that AMP saw the “opportunity to streamline” its lending channels, including its broker and direct-to-customer channel, as AMP continues its digitisation journey.
[Related: AMP overhauls mortgage application system]
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