PEXA has announced that Metro Bank plans to work with them to explore how to make the re-mortgaging journey for their customers faster and easier.

The goal is to deliver quicker post-offer processes, faster remortgage completion times and greater transparency for Metro Bank’s customers and brokers, all while building greater capacity for the bank.

Glenn King, PEXA group managing director and CEO, 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.”

PEXA launched its new payment system in September 2022, resulting in the UK’s first digitally enabled remortgage transaction. PEXA has also collaborated with the Bank of England to develop PEXA Pay – just the seventh net settlement payment system to clear through the Bank of England, and the only one dedicated to property transactions. The Bank of England is acting as the settlement service provider. Metro Bank has already completed its testing of the settlement system.

PEXA acquired Optima Legal in Q4 2022 to accelerate the adoption of its digital platform and its associated benefits for the UK market. Optima Legal provides legal services in the UK’s fee-assisted remortgage market, working directly with eight of the UK’s top 18 mortgage lenders.