Finova has announced that its Apprivo² core banking originations platform has been chosen by Aviva to power its equity release business.

The initial borrowing phase of the project is now live, and the rest of the program will roll out later in the year.

Apprivo² will help Aviva connect to a number of integration points across various third parties. In the near future, the platform will facilitate contract variations for new and existing customers, enabling Aviva to migrate from its previous systems to Apprivo².

The platform also gives the lender access to a range of additional services which can be integrated via finova’s API ecosystem, including conveyancing, valuations, and payment processing.

Chris Little (pictured), chief revenue officer at finova, said: “We are delighted to have assisted Aviva with the launch of this new ground-breaking equity release program. The first phase of the partnership has just gone live and will set a new benchmark in later-life lending, and we’re proud to see our technology help Aviva support this hugely important segment of the market.

“Once again, our Apprivo² platform has also demonstrated its adaptability and flexibility. The powerful pricing engine will be a gamechanger for Aviva and represents our commitment to staying ahead of the curve so that lenders are well-equipped to deliver a streamlined, efficient service.”

Matthew McGill, equity release director at Aviva, added: “Aviva have this year been in the equity release market for 25 years and what better way to celebrate this and illustrate our ongoing commitment to the market than through this investment and launch to the market. We’ve been delighted with finova’s comprehensive understanding of the market we operate in and collaboration to build a market leading platform fully integrated into Aviva and our wider technology partners.

“We’re looking forward to continuing this partnership as we adapt the platform over time and move closer to rolling out the end-to-end program.”