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Basis100, Scotiabank Provide Internet Mortgages

[Toronto, CANADA] Basis100, an e-commerce solutions provider for the financial services industry, has signed a technology agreement with Scotiabank, under which Basis100 will provide Scotiabank with its OME Technology for securing new mortgage consumers online.

Basis100 is focused on the mortgage origination, consumer credit, fixed income trading, and automated property valuation markets across North America.

The OME Technology provides Scotiabank with Internet-based mortgage pre-qualification, and application submission capabilities.

The addition of OME Technology lets Scotiabank offer consumers the ability to input a mortgage application online, view the different options available to them, and then apply online for mortgages through Internet portals.

A Boston Consulting Group of Canada study from January 2000 found that 40 percent of Canadians use the Internet, the highest rate of usage in the world.

Basis100's OME Technology allows Scotiabank to become more responsive and accessible to these consumers through online portals, such as themortgage.com and E*TRADE Canada, by offering Internet-based mortgage pre-qualification, and application submission capability.

"Our technology allows us to radically change the way mortgages are delivered," said Jason Smith, Basis100 executive vice-president and director.

"We're meeting the demands of today's changing business environment to help financial institutions migrate effectively and efficiently to Internet-based, end-to-end mortgage solutions."

Scotiabank is one of North America's largest financial institutions with more than $243 billion in assets and approximately 41,000 employees worldwide.

It is also Canada's most international bank, with more than 1,700 branches and offices in more than 50 countries on six continents.

For more on Scotiabank and Basis100's recent e-commerce activities, check the following InternetNews.com coverage: