Digital property exchange platform PEXA has said it has opened up its doors to industry integration with the launch of a new ‘API Hub’ which provides access to all their available APIs, speeding up and easing customer integrations.
Describing the development as ‘significant,’ PEXA UK say the APIs are ‘key to powering the delivery of 48-hour remortgages to its customers’ and will form part of the work it is doing to launch a sale and purchase proposition in early 2025. With these APIs a remortgage can be managed end-to-end through the PEXA platform within 48 hours, reducing the need for manual intervention and providing access to the platform’s case tracking, real time updates and case milestones.
API stands for Application Programming Interface and enables two different technology platforms to transfer data and information between them. Using APIs, firms can pull specific information out of a system and use it in their own systems as needed. The APIs are designed to digitise many of the currently manual processes associated with property transactions, linking lenders and law firms with the PEXA platform.
“The APIs can be adopted iteratively to suit an organisation’s specific requirements considering budget, risk policies and strategic priorities, allowing for automation of aspects of the case journey as desired. Lenders and law firms of all sizes will be able to save considerable time and resource, reduce fraud and operational overheads, and drive a faster and more efficient conveyancing journey for themselves and their clients.”
say PEXA who will also provide design and testing support for those wishing to engage with the hub. User guides will be added in due course to ‘further simplify customer integration activities.’
Commenting on the launch of the hub, Joe Pepper, UK CEO of PEXA says:
“We recognise that to bring about change in the mortgage process, it needs to be as simple and easy as possible for lenders and law firms to embrace automation. Doing that means making any tech integrations with existing infrastructure as seamless as possible, and that is exactly why we have invested heavily in this new API Hub.”
“It demonstrates PEXA’s commitment and readiness to collaborate with our market peers and work to improve the property transaction journey. Our work to support lenders and conveyancers alike is driving progress in the market, and we are delighted to be offering an updated suite of tools ready for immediate use that can meet the diverse needs of our partners and customers.”
The new Hub comes as PEXA continues to scale its presence in the UK since bringing its proposition over from Australia in 2022. PEXA Pay was approved in September 2022, resulting in the UK’s first ever digitally enabled remortgage transaction. The business is headquartered in Leeds following a number of acquisitions, notably Optima Legal in the same month, and Smoove PLC in December 2023 and is working with Shawbrook Bank and Hinckley & Rugby Building Society.
