The Australian fintech PEXA is set to launch its full digital conveyancing platform to the UK market next month.
Having already introduced a remortgage offering, the company will now extend its digital capabilities to cover Sale and Purchase transactions – a development it says will improve certainty and security across the market.
The full platform will be unveiled during a series of regional roadshows, starting in Leeds on 9 September and concluding in London on the 23rd, with stops in Manchester, Birmingham, Cardiff and Exeter.
The events will offer conveyancers, lenders and other market participants a first-hand look at PEXA’s end-to-end platform. The programme also includes panel discussions in each city featuring property experts and local industry figures, focusing on current challenges in the housing market and the ways in which digital technology can help address them.
PAYMENT SYSTEM
At the core of the offering is PEXA Pay, a payment system developed specifically for property transactions in the UK and authorised to settle payments through the Bank of England. It enables near-simultaneous settlement of funds and registration of title with HM Land Registry, eliminating the need for funds to be passed through multiple parties.
By reducing reliance on traditional banking processes, the system aims to avoid delays that frequently disrupt completions.
According to the Homeowner’s Alliance, 88% of moving day delays are caused by late transfer of funds – an issue PEXA believes it can significantly mitigate through its infrastructure. The platform is also designed to enhance transparency between parties and reduce requisitions by improving the quality of data shared across the system.
Joe Pepper, UK chief executive at PEXA, described the launch as “a historical moment both for the business and the wider UK housing market,” adding that the firm’s aim is to support a safer, more secure and more predictable transaction environment. “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,” he said.
MILESTONES
PEXA has already achieved a number of milestones this year in the lead-up to the September launch. In April, it received approval from the Financial Conduct Authority to operate as an authorised payment institution, enabling it to act as a third party managed account provider. This step has allowed the firm to handle client monies on behalf of lenders and law firms.
The company completed its first UK digital transaction earlier in the year in partnership with conveyancing firm Muve and Hinckley & Rugby Building Society. It has also secured a commitment from NatWest to adopt the PEXA platform for remortgages, with plans to extend its use to Sale and Purchase transactions next year.
Together with its remortgage product, the full platform enables PEXA to support up to 70% of all property transactions in England and Wales.
Alongside the commercial launch, the firm has also initiated the Future Property Transactions Group – a collaborative effort to bring together regional stakeholders from across the housing market to shape a more modern and efficient transaction process.
Pepper said the platform had been developed in close consultation with the industry. “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,” he said. “The FCA approval is external validation of our considered approach… while the completion of the first digital transaction is proof that this is a solution that truly works in practice.”
