The Competition Commission has blocked the acquisition of a software firm that would create a single switch for the electronic submission of mortgage bond applications.

Pity the four major banks - the Competition Commission has dared to turn down their proposed purchase of real estate software developer Comcorp Online because, of all things, the deal would lessen inter-bank competition.

Earlier this year, Nedbank, Standard Bank, Absa and First National Bank decided that their interests, or rather, the home loan market, would be better served if they bought the privately owned company and brought some cost efficiencies to the market.