Australian fintech PEXA is set to launch its full UK proposition in September in what it has described as a “historic moment” for property transactions.
The digital property exchange platform, which entered the UK market in 2022, will expand beyond its existing remortgage service to include sale and purchase transactions.
The move follows Financial Conduct Authority (FCA) approval in April to operate as an Authorised Payment Institution, enabling PEXA to handle client monies as a Third Party Managed Account provider.
To mark the rollout, PEXA will hold a series of roadshows across the country, beginning in Leeds on 9 September and concluding in London on 23 September. Each event will feature panel discussions with lenders, conveyancers and industry experts exploring how technology can address delays and inefficiencies in the housing market.
TRANSFER OF FUNDS
At the centre of the proposition is PEXA Pay, a payments infrastructure that allows funds to settle almost simultaneously with title registration at HM Land Registry. PEXA said the system reduces reliance on traditional banking channels, minimises delays, and improves security.
Data from the Homeowner’s Alliance shows that 88% of moving day delays are caused by late transfers of funds.
The platform also improves transparency between lenders, conveyancers and buyers by enhancing the quality of data exchanged during transactions, reducing requisitions and increasing certainty of completion.
Together with its remortgage service, PEXA will now be able to facilitate around 70% of transactions in England and Wales.
HISTORICAL MOMENT
Joe Pepper, UK chief executive of PEXA, says: “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.”
He adds that greater industry collaboration was vital to address long-standing pain points and he says: “There is no silver bullet solution, but we know the enormous potential of this technology and the positive impact it will have for conveyancers, lenders and their customers.”
Earlier this year, PEXA completed its first UK digital sale transaction with Muve and Hinckley & Rugby Building Society and has secured NatWest as a committed partner.
