LIXI CEO Socrates Vasiliadis said the standards will be effective because they address a self-contained problem.

"The industry confusion stemmed from a lack of formally documented standards where similar software was written for the same problems," Vasiliadis said.

"Not only will this development reduce technology costs for the valuer community, it will also offer improved efficiency and better relationships with lenders."

"Intermediaries such as SmartVal will also be assisted as they use the standards to improve their online document management systems."

The LIXI-NICTA collaboration is governed under the Business Process Working Group which incorporates all large participants in the Australian lending industry. The group has plans to prepare reference architectures for other lending processes including the circulation of loan information from lenders to mortgage brokers.