NPTN by LMS joins Bank of England Synchronisation Lab to test remortgage process
With NPTN, LMS is aiming to reduce risk and friction by bringing together payments infrastructure, digital identity and legal processes across the remortgage journey.
NPTN by LMS has joined the Bank of England’s (BoE) Synchronisation Lab to test how synchronised settlement could make the remortgage process quicker, safer and more reliable for lenders and others involved in the transaction.
The Synchronisation Lab will look at how synchronising money and asset movements through central bank money could solve these issues.
With NPTN, LMS is aiming to reduce risk and friction by bringing together payments infrastructure, digital identity and legal processes across the remortgage journey.
NPTN will test a synchronised remortgage process in the Synchronisation Lab’s simulated RTGS environment over eight-week cycles.
Payments will be split into earmark and settle stages via RTGS, and the process will be aligned with industry practices like priority search, advance notice and charge registration.
Nick Chadbourne (pictured), CEO of LMS, said: “We’ve already used the NPTN sandbox to work collaboratively with 15 lenders to test use cases that improve the journey.
“Through the Synchronisation Lab, we can deepen that collaboration by ensuring synchronisation cuts settlement risk and streamlines completion, giving lenders greater certainty, while also aligning with the requirements of our law firm partners as we explore the future of the home buying and selling process for all key stakeholders.”
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