Metro Bank plans to collaborate with PEXA to streamline the remortgage process for customers.
The partnership aims to make post-offer processes quicker, reduce remortgage completion times, and enhancing transparency for customers and brokers, while increasing capacity for Metro Bank.
Glenn King, group managing director and CEO at PEXA, said: “This signals a fantastic opportunity for PEXA and Metro Bank to work together to remove the friction in the conveyancing experience for its customers and brokers.”
Richard Saulet, chief commercial officer at Metro Bank, said: “The benefits PEXA can bring to our customers and brokers is clear.
“Following our successful testing of the PEXA settlement system with the Bank of England, we are excited to collaborate with PEXA on how we can simplify and speed up the remortgage journey.”
This announcement followed PEXA’s push to improve the remortgage and completion process, which included the launch of its new payment system in September 2022.
PEXA’s proprietary technology allows parties to orchestrate financial settlement directly from the incoming lender’s account and collaborate to lodge applications with HM Land Registry.
PEXA has also cooperated with the Bank of England to establish PEXA Pay – the seventh net settlement payment system to operate through the Bank, and the only one dedicated to property transactions.
Metro Bank has already completed testing of this settlement system.
