In line with the Bank of England’s investigation and development of Synchronisation earlier this year, LMS, the conveyancing services provider, is collaborating with the Bank of England and the Financial Conduct Authority (FCA) to help turn this into a reality for the sector.
Synchronisation sets out to transform the fund settlement process in the conveyancing journey.
While the current method requires buyers, conveyancers and lenders to all complete numerous payments at different times – Synchronisation was designed to digitalise and streamline this process.
It aims to drive efficiency and customer centricity, as well as reducing fraud and removing settlement risk by minimising potential access points for scammers.
LMS hopes to help the industry embrace this change and has created a community for the sector to facilitate discussions as to how it can navigate this new technology for everyone’s benefit.
As such, it will be delivering workshops every six to eight weeks, ranging from podcasts and webinars to full roundtables and in-person events, to relay its research and insights to the whole industry and help find appropriate solutions that work for all.
