PEXA is officially launching its digital property exchange platform in the UK with a series of roadshows throughout September. As well as introducing the full platform proposition, the launch will bring together industry leaders in each region to explore the themes currently impacting the housing market.
The roadshow will visit Leeds (9th September), Manchester (10th) Birmingham (11th), Cardiff (16th), Exeter (17th) and London (23rd). Each event will run from 9am to 5.30pm and will include a series of panel discussions featuring experts from across the sector. Topics cover key industry perspectives in areas including data validation, standardisation of title lodgement, digitisation of legal processes, technology integration, and risk reduction.
Aimed at conveyancers, lenders and regulators, the events will also include a first look at the PEXA platform and its sale and purchase capability, recently added to the existing remortgage platform. The technology uses PEXA Pay, the seventh net settlement payment scheme to clear through the Bank of England, to enable the settlement of funds to happen almost simultaneously with the lodgement of title with HM Land Registry when certain conditions are met.
In April, PEXA secured approval from the Financial Conduct Authority (FCA) in April to act as an Authorised Payment Institution (API) and Third Party Managed Account (TPMA), allowing the company to handle client monies on behalf of lenders and conveyancers.
Prior to launch, PEXA has been working with a group of early adopter conveyancing firms to introduce them to the platform. The first digital transaction in the UK was completed earlier this year in conjunction with Muve and Hinkley and Rugby Building Society, and last month formal commitment was secured from NatWest for the lender to implement PEXA for its remortgaging capabilities with a view to expanding to sale and purchase next year.
Joe Pepper, UK CEO at PEXA, commented:
“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.
“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”.
PEXA has also spearheaded the Future Property Transactions Group, an initiative that bring together regional stakeholders to collaborate on the future of the industry and the solutions required to make the transaction process clearer, safer and more certain for all.
For more information and to book see www.pexa.co.uk/the-road-ahead/
This article has been updated to include further detail and comment from PEXA.
