Criterion, a not-for-profit standards and governance services body, has taken on the stewardship of API standards designs for equity release Quotes/KFIs, initially created by Iress.
AIR, Canada Life, IRESS, Just, L&G, LV, Key Advice, More2Life and Scottish Widows are participating in this piece of industry work, with more companies expected to become involved.
Criterion, which recently joined the Equity Release Council, will work with key stakeholders in the equity release market, to manage standards for APIs that meet the needs of the market as a whole. This means that a single API build can be deployed with many trading partners. The body says it is quicker and more cost efficient to build a service once and deploy it with many trading partners, rather than to rebuild it or refine it time after time to meet their differing needs.
Dave Miller, Iress, executive general manager, said: “Having created the equity release standards, Iress is delighted that Criterion will act as custodians from now on. Criterion will publish these designs as industry standards for wider adoption by organisations in the equity release market.
“Criterion is a not-for-profit organisation, which will give the industry confidence that their focus is on doing what will drive the greatest benefit to their stakeholders.”
Billy Burnside, managing director of Criterion, added: “We can draw on a long history of delivering standards and governance – since 1989, so are well positioned to help equity release participants. Criterion is uniquely positioned through its independence and levels of experience, to support and manage the overall collective interests of a group of industry organisations, who recognise the value from third-party governance on cross-industry initiatives.
“We have been testing the proposition with key supporters and further develop our understanding of current market integration activity. Following the successful Criterion adoption of Iress Quote / KFI designs as an industry Standard, including the publication to our website, we are now in a position to engage with additional market participants to secure involvement. We have a proven track record in supporting ongoing standards evolution to reflect market dynamics and regulatory change and are well versed in stewardship of standards, change management and governance – all essential in ensuring sustainability. That’s why all of our standards are managed through collaboration with market participants and other stakeholders.
“Our governance process brings together communities that rely on the standards to identify emerging change and development needs; establish what they mean for API integration; agree timelines for delivery; and achieve buy-in for adoption.”