Permanent TSB bank has agreed a deal with Irish fintech CreditLogic which will see the company provide a new digital application platform for mortgage applicants.

The bank said the new agreement will allow its customers to complete their entire mortgage application process online through a special app designed for "exceptional ease of use and security".

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

The new platform leverages open banking, Artificial Intelligence (AI) and analytics to revolutionise new loan processing and workflow.

The bank said it is aiming to begin receiving applications via the new platform later this year.

Permanent TSB has about an 18% market share of the Irish mortgage market.

The lender said the terms of the multi-year agreement are commercially sensitive but added that they represented a significant investment by the bank in digital mortgage innovation.

CreditLogic is a banking software company set up 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.

Tom Hayes, CTO of Permanent TSB, said 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," Tom Hayes said.

"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," he added.

Eddie Dillon, chief executive of CreditLogic, said today's deal 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," Eddie Dillon added.