In collaboration with the National ICT Australia (NICTA), LIXI is undertaking a study to make home loan applications more efficient, and ultimately lead to straight-through processing.

"The implications/applications from this study are endless and are bound only by the imagination of how LIXI members wish to use it," according to LIXI CEO Socrates Vasiliadis.

"We are talking about innovation though standardization, that is, we standardize the process part so that the business is free to innovate with product features and other packaging options that are considered too difficult to disseminate to the market or implement with current systems," Vasiliadis said.

A not-for-profit group with more than 65 members including Macquarie Bank, ANZ, ING Bank, Commonwealth Bank of Australia and St George, LIXI introduced e-commerce standards in 2002, to allow home loan information to be standardized and transferred electronically.

While LIXI's Credit Application Language (CAL), has cut processing times by half, saving the industry up to A$10 million (US$7.66 million) annually, Vasiliadis said it's time to take the next step and develop a method to fast-track the entire loan process.