PEXA will launch its full UK digital property exchange platform in September, adding sale and purchase functionality to its existing remortgage proposition.
The move will be marked by a series of six regional roadshows, starting in Leeds on 9th September and finishing in London on 23rd September, with events also in Manchester, Birmingham, Cardiff and Exeter.
The platform is built on PEXA Pay, the seventh net settlement payment system approved to clear through the Bank of England.
It enables the settlement of funds to occur almost simultaneously with the lodgement of title at HM Land Registry, reducing delays and increasing security.
With Homeowner’s Alliance data showing that 88% of moving day delays are caused by issues transferring funds, PEXA said the system will help tackle one of the most common barriers in property transactions.
PEXA has secured Financial Conduct Authority approval to act as an authorised payment institution, enabling it to provide third party managed accounts and handle client monies on behalf of lenders and conveyancers.
Earlier this year the company completed its first digital transaction in the UK in partnership with Muve and Hinckley and Rugby Building Society, and secured commitment from NatWest to use its remortgaging technology with the intention to extend into sale and purchase.
Joe Pepper, UK chief executive at PEXA, said: “The launch of PEXA’s full proposition marks a historical moment both for the business and the wider UK housing market.
“We have invested significant time and resource to develop and deploy the trusted digital infrastructure that will support the evolution of property transactions.
“This achievement is a true testament to the team who have worked tirelessly to get to this point.
“There is no silver bullet solution, and we want our roadshows to serve as a platform for a deeper collaboration with the conveyancing and property industry; but we know the enormous potential of this technology and the positive impact it will have for conveyancers, lenders and their customers. Our launch roadshow provides an exciting opportunity to showcase this.”
He added: “We know cross-industry cooperation is vital as the UK property market aims to create a more reliable, secure and certain transaction process. It is through engagement with the broader industry that we have developed our proposition to help tackle some of the pain points in the transaction journey.
“The FCA approval is external validation of our considered approach and the controls and systems we have put in place, while the completion of the first digital transaction is proof that this is a solution that truly works in practice.
“We look forward to working closely with our industry stakeholders and customers as we roll it out broadly.”
