Press Releases

Creditlogic partnership will transform mortgage application process for PTSB customers

Monday 14th June 2021. Permanent TSB bank has signed an agreement with leading Irish fintech, CreditLogic which will see the young company provide a new digital application platform for mortgage applicants. Permanent TSB is one of the country’s largest mortgage providers with approximately 18% market share. The terms of the multi-year agreement are commercially sensitive but represent a significant investment by the bank in digital mortgage innovation.

The partnership will bring state-of-the-art technology to the new mortgage process enabling customers of Permanent TSB to complete their entire mortgage application process online through a special app designed for exceptional ease of use and security. The bank is aiming to begin receiving applications via the new platform later this year.

CreditLogic is a banking software company established in 2018 by a team of former senior executives working in the Irish banking sector. The company has raised over €3m to date with the backing of Enterprise Ireland and a consortium of serial Irish and International serial fintech.

A personalised application process enables consumers search for mortgages, determine eligibility and apply in 5 steps and receive approval in principle in under an hour. 

Consumers will have unprecedented visibility of how their application is progressing, securely submit documents and avail of digital support throughout the process. The platform leverages open banking, Artificial Intelligence (AI) and analytics to revolutionise new loan processing and workflow. 

Speaking today, Tom Hayes, CTO of Permanent TSB said that the new platform was part of the ongoing investment by the bank in its Digital infrastructure; “we have recently introduced a new digital based current account opening process and we expect to have this new mortgage application platform available in the second half of the year. These are important milestones on our journey to making a best-in-class retail and SME bank for Irish consumers. We’re particularly delighted to partner with a rising Irish fintech on this programme.”

Eddie Dillon, Chief Executive of Creditlogic said that the agreement with Permanent TSB was a key milestone for the young company; “Permanent TSB is synonymous with mortgages in Ireland and to partner with them is a massive endorsement of our platform and its delivery of unique digital-first lending processes.”

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