finova has been selected to provide software that will assist Standard Life Home Finance’s move into the UK equity release market.

finova’s software allows the management of direct applications and offers self-service automation.

Using the solution, Standard Life Home Finance can sell lifetime mortgages in the form of lump sum or drawdown mortgage plans, and can integrate with finova’s ecosystem of third-party applications.

Andy Cumming, delivery director of core banking at finova, said: “We are thrilled to partner with Standard Life Home Finance as the business enters its next stage of growth and navigates a new market.

“The flexibility offered by our Equity Release Platform is designed to simplify the implementation process while empowering this well-respected brand to be unique in the market.

“The origination and servicing functionalities provide this lender with a holistic platform to suit their needs.

“For finova, our partnership with Standard Life Home Finance represents a key step in our efforts to provide end-to-end digital journeys, and we look forward to further solidifying this partnership.”

Kay Westgarth, head of sales at Standard Life Home Finance, added: “We’ve been impressed by the flexibility that finova’s solution offers, from its configurable features to how it can be moulded to suit our requirements as a business. As we look to break into this exciting new market, we have no doubt that this system will hold us in great stead.”