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 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

“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 coverage:

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