The platform, the Commercial Valuation Exchange, distributes and manages commercial valuations which xit2 said will save the time of corporate, commercial and business banking teams helping them to manage the risks associated with working with third parties.
Mark Blackwell, managing director of xit2, said: “We designed the Commercial Valuation Exchange to meet the different challenges faced by lenders who are operating with leaner teams and need to work as efficiently as possible.
“Working closely with Santander we have now developed a platform that gives lenders an oversight of the whole commercial valuations process and full control of who is doing what within intuitive pre-agreed fee scales.”
The software enables lenders to instruct members of their panels electronically, providing surveyors with all of the details they need to carry out valuations and offer other specialist advice as well as the facility for updates and completed reports which can be uploaded onto the system.
As the platform is web-based it allows personnel from multiple Santander business centres to access the system and interact with panel firms.
Blackwell added: “It’s a one-stop shop for end to end commercial valuation risk and process management and complements our well established residential valuation exchange platform used extensively by lenders across the UK today.”
David House, head of property risk at Santander, said: “The success of our commercial lending business in difficult times relies on making the right decisions with accurate and timely information from third parties. “Now with the commercial valuation process from multiple business centres available on a single platform our teams can gain an overview of activity while being able to audit any individual case.
“Having the whole valuation process under one end-to-end system also means we can make better use of the data we produce, while keeping it more secure than ever.”
